Choosing a super fund is an important decision. How your fund performs over the long term, fees, investment choice, and insurance options are just some of the things to consider when finding the best super fund in Australia.
What to do next Check your super payments If you don't know where your super is being paid, ask your employer. Your payslip should also show how much money is being put into your super fund each pay. Employer contributions. Giving your super fund your tax file number TFN can help you avoid paying extra tax and may allow you to make other types of contributions. Update my details. You can take QSuper with you when you change jobs.
Changing jobs. If you hold a Defined Benefit account, there are some important considerations before you access your super when you are still working. Please enable JavaScript in order to get the best experience when using this site. Personal Employers Advisers. Products Why QSuper. Investment options. Financial advice.
Compare us. Why QSuper? More reasons to join. Grow your super Salary sacrifice Super co-contribution Voluntary contributions Spouse contributions Contribution caps Tax deductions. Consolidate your super. Find your lost super. Nominate beneficiaries. Early access. Enjoy life after work and turn your super into a regular income with our award-winning Retirement Income account.
As your money stays invested, your savings could continue to grow. Find out why thousands of Australians have partnered with QSuper in retirement. Enjoy security and confidence in retirement with our award-winning Lifetime Pension. It provides an income for the rest of your life, and may even increase your Age Pension payment if eligible. Find out how you could benefit from this industry-first solution. It's currently between 55 and 60, depending on when you were born.
When you reach your preservation age, super normally becomes available for you to withdraw or convert to an income stream once you've retired. If you're still working when you reach your preservation age, you can start a Transition to Retirement account instead.
The preservation age for super is different to the government's Age Pension eligibility age. If you stop an employment arrangement on or after turning 60, you are able to access the superannuation you have accumulated up until that point.
If you decide to return to work, you can still access the super you had before you returned to work. But for any contributions from your new employer, you'll need to wait until you leave that job before you can access that super. You can use a TTR Income account to reduce your work hours without reducing your income, or as part of a tax strategy in the lead up to retirement, saving you tax while your savings continue to grow.
If you are between 55 and 60 years old, you would normally need to be permanently retired and reached your preservation age to access your super as a lump sum. The preservation age is between 55 and 60, depending on the year and month you were born. However, if you've met your preservation age and want to draw an income from some of your super, but you're not ready to retire, you could open a Transition to Retirement Income account. Depending on your age, withdrawals and income payments from your super may be taxed.
If you're over 60 years of age, it is tax-free. Lump sum withdrawals are tax-free if you are over age 60, or for amounts under the low rate cap. Learn more about how your super is taxed , or read our Tax Explanation factsheet.
Yes, lump sum withdrawals and payments from your super can also impact any benefits you are receiving from Centrelink. Managing government benefits such as the Age Pension can be complex, and small changes can have a big impact, so it pays to get personal financial advice to help you maximise your retirement income.
When it comes to making the most of your retirement, getting financial advice can help you decide what's best for your situation. If you hold a Defined Benefit account, there are some important considerations before you access your super when you are still working.
Past performance is not a reliable indicator of future performance. Each of our investment options has a different objective, risk profile, and asset allocation. The low rate cap is a lifetime cap that limits the amount of taxable components taxed and untaxed elements of a super lump sum that can be untaxed or taxed at a lower rate. It applies to members who have reached their preservation age but are under 60 years. Please enable JavaScript in order to get the best experience when using this site.
Personal Employers Advisers. Products Why QSuper. Investment options. Before deciding on how you will withdraw your super, you should note that taking your super out as a lump sum can have significant tax implications and impact on any Centrelink payments you may be entitled to. By law, you don't have to cash out your super just because you've reached your preservation age or turn 65 but be sure to check with your fund on their own rules.
When can I access my super? Your preservation age is the youngest you can be to start receiving your super, and it depends on when you were born: Date of birth Preservation age Before 1 July 55 1 July — 30 June 56 1 July — 30 June 57 1 July — 30 June 58 1 July — 30 June 59 From 1 July For more information, speak to your adviser about what might be right for you.
For a few more ideas around what you might do when you take your super, check out our page - types of retirement pensions explained , which also looks at considerations around taking your super as a lump sum.
To learn more and book in a chat, visit our info page. Taxation issues are complex. You should seek professional advice before deciding to act on any information in this article. Superannuation Proprietary Limited N. You can read our Financial Services Guide online for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you.
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