Below are a series of articles provided by PSK Financial Services that may be of interest to members.
When you access your super at retirement your super fund may ask you to sign a declaration stating that you intend to never be employed again. But there may be compelling reasons why someone would subsequently return to work.
What are the superannuation retirement rules?
You generally will only be able to access your super if you’ve reached your preservation age and retired, ceased an employment arrangement after age 60, or turned 65. If you’re thinking about returning to work after retirement there are rules about super you may need to be aware of depending on your circumstances.
I have reached my preservation age but am less than age 60
If you’ve reached your preservation age and wish to access your super, you would usually be required to declare that you’re no longer in paid employment and have permanently retired.
I ceased an employment arrangement after age 60
From age 60, you can cease an employment arrangement and don’t have to make any declaration about your future employment intentions.
I’m 65 or older
When you turn 65, you don’t have to be retired or satisfy any special conditions to get full access to your super savings. This means you can continue working or return to work if you have previously retired.
What happens to your super if you return to work?
Regardless of which of the groups above you fall into, if you have begun drawing a regular income stream from your super savings, you can continue to access your income stream payments whether you return to full or part-time employment.
Can I access my super at 55 and still work?
In the past, Australians could access their super from as young as 55, but the preservation age is gradually increasing to age 60 and only people born before 1 July 1960 reached their preservation age at 55.
Rules around future super contributions
Your employer is broadly required to make super contributions to a fund on your behalf at the rate of 9.5% of your earnings, once you earn more than $450 in a calendar month.
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Authorised Representative of Charter Financial Planning