When Can I Retire and Access My Superannuation?

The rules for accessing your superannuation vary according to when you were born. If, for example, you were born before the start of the 1961 financial year, you could access your super once you turned 55. For the purposes of this explanation, let’s assume you were born a little later. If it all sounds a little confusing, let Karidis Retirement Villages help you to find your answer. We can direct you to the right people if you need help with financial planning for retirement.

Over 55 Living & Accessing Superannuation

You can access your super between the ages of 55 and 60, depending upon your preservation age. Your preservation age is determined by your exact date of birth:

Born before 1 July 1960: Your preservation age is 55
1 July 1960 – 30 June 1961: Your preservation age is 56
1 July 1961 – 30 June 1962: Your preservation age is 57
1 July 1962 – 30 June 1963: Your preservation age is 58
1 July 1963 – 30 June 1964: Your preservation age is 59
Born after 1 July 1964: Your preservation age is 60

Even if you continue to work, you may be able to access part of your super. You can choose to take your super as one lump sum or move into an income stream. Depending upon the type of account you have and your provider, the rules applying to retiring and accessing your super may be different. You must, therefore, speak to both your superannuation fund and Services Australia’s Financial Information Service when considering your retirement future. We also recommend seeking financial planning for retirement.

Financial Support Options

Further assistance is available to those over 55 living or considering living in one of our retirement villages. As Karidis recognises that each individual or couple’s situation is unique, we provide tailored financial options with our Retire Assist programme. These may come in the form of deferred management fees, move-in assistance, facilitating an agent to help sell your home, payment on a move-in early, settle later basis, and of course, affordable housing in one of our over 50s lifestyle villages. We recommend getting in touch so that we can help with any questions you have about your future and independent lifestyle village living.

Want to know when you can retire and access your superannuation in South Australia? Karidis can assist with your retirement financial support options. Call 1300 796 311 today!