Accessing your superannuation early is possible, however it is important to understand the rules and regulations surrounding accessing your superannuation before you make any decisions. This article will provide an overview of the rules and regulations surrounding accessing your superannuation early, and whether you can continue to work after accessing your superannuation.
Can I Access My Super Early?
In Australia, you can start accessing your superannuation when you reach the preservation age, which is between the ages of 55 and 60 depending on your date of birth. Generally, you will need to meet a condition of release to access your superannuation early. This means that you need to be permanently retired, over the age of 65, or have reached your preservation age and have stopped working.
If you do not meet any of these conditions, you can still apply to the Australian Tax Office (ATO) for a release of your superannuation on the grounds of severe financial hardship or compassionate grounds. It is important to note that the ATO will not approve all applications.
Can I Continue to Work After Accessing My Super?
The rules surrounding accessing your superannuation early vary depending on the type of superannuation fund you have. Generally, if you access your superannuation early you will not be able to continue to work in the same job or industry.
If you are accessing your superannuation early on the grounds of severe financial hardship or compassionate grounds, you may be able to continue to work in the same job or industry. However, you will need to check with your superannuation fund to find out what their rules are.
In summary, accessing your superannuation early is possible if you meet the conditions of release or if you apply to the ATO for a release. However, it is important to understand the rules and regulations surrounding accessing your superannuation before you make any decisions. Depending on the type of superannuation fund you have, you may be able to continue to work after accessing your superannuation early.
