Accessing superannuation
In retirement, there are several ways you can access superannuation depending on your circumstances.
When you reach your preservation age and decide to retire, you'll need to work out how to receive your superannuation. This can be as a:
- regular income stream
- lump sum
- combination of both.
The super withdrawal option you choose may affect the amount of:
- tax you pay
- money you have for retirement.
Any life insurance cover as part of your super could be impacted if:
- you withdraw the balance as a lump sum
- no contributions are made after a set period (conditions vary depending on the policy).
Talk to your fund manager or financial planner to work out which option works best for you.
The Australian Tax Office has information on different options when withdrawing superannuation.
Find answers to superannuation questions at Moneysmart.