At age 55, Australians are able to access their superannuation balance. This is a great way to plan your retirement, but it doesn’t mean you have to stop working and enjoying life at that age. In this article, we’ll discuss how you can access your super and still work after 55.
Accessing Super at 55
Australians aged 55 and over can access their superannuation savings and use them to fund their retirement. Depending on your financial situation, you may be able to access your super as a lump sum, or as a regular income. It is important to understand the tax implications and fees associated with accessing your super balance.
It is also important to note that you may not be able to access all of your superannuation balance at once. Depending on your age and the amount of money you have in your super, you may need to wait until you are 60 to access all of your superannuation savings.
Working After Retirement
If you decide to access your super at 55, it doesn’t mean you have to stop working. Many Australians choose to work part-time or casually after retirement, and there are many benefits to doing so.
Working after retirement can help you stay active and engaged, and it can also provide additional income. This can be especially useful if you have a limited superannuation balance, or if you want to supplement your retirement income.
It is important to note that there are some restrictions on how much you can earn while accessing your superannuation balance. Generally, these restrictions are in place to ensure that you are not using your super to fund your working life.
Accessing your superannuation balance at age 55 is a great way to plan for retirement. It doesn’t mean you have to stop working and enjoying life, however. There are many benefits to working part-time or casually after retirement, and understanding the restrictions on how much you can earn is key to making the most of your retirement.