When it comes to your retirement, it's important to know how you're going to fund your lifestyle. At that point, some of the first questions you'd probably ask are: When can I access my superannuation? And when am I eligible for the Age Pension?
In both cases, it's mostly dependent on your age.
Here's a breakdown of what you're entitled to, and when.
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When can I access my superannuation?
There are two age brackets for accessing your super balance, and they depend on your working situation.
Once you reach your preservation age, you can access your superannuation if you have stopped working permanently.
For Australians born after the 1st of July 1964, this is age 60. It could be as early as age 55 if you're born before the 1st of July 1960.
But you don't have to retire if you don't want to. If you continue working after age 60, you can continue to accrue superannuation, but you can't access it until you reach age 65.
Once you reach age 65, you can gain automatic access regardless of whether you're still working or not.
Once you've reached the appropriate milestone for your situation, you have two choices: you can access your superannuation as a lump sum, or you can set up an account-based pension and withdraw a regular amount. This means that the remaining balance is still invested and will continue to compound.
There are also exceptions to the two rules above.
Some Australians might be able to access their super earlier in times of financial hardship, on compassionate grounds due to a terminal medical condition or permanent incapacity, or if you're a temporary resident leaving Australia with no plans to return.
When can I access the Age Pension?
The Age Pension is a fortnightly sum paid to Australians aged 67 years or older to help fund their retirement.
You can start receiving the Age Pension once you reach the qualifying age of 67 years. You'll also need to meet eligibility requirements.
That means, even if you can access your superannuation, it could still be a few more years before you can get the additional Age Pension payments.
The maximum fortnightly Age Pension payment is $1,100.30 for single Australians or older. Couples can get up to $829.40 per person per fortnight.
The rates don't include any additional potential supplement rates.
The amount you'll receive can also vary depending on where you fall under the Age Pension assets and income tests. It is possible to receive a part-payment if your income and/or assets exceed the threshold, and the amount is generally calculated on a sliding scale.
