Can I access my super at 60 and still work? | RateCity

If you’re 60 and still working, you can access a limited amount of your super balance by starting a transition to retirement income stream. A TRIS is an account-based income stream that can't be converted into a lump sum and allows you to access between 4 and 10 per cent of your super balance. This money may help you to reduce your working hours and transition into retirement gradually.

After setting up a TRIS, once you retire, you need to notify your super fund, and your account can be changed to a retirement phase account, giving you full access to your super savings. 

Investment earnings within a TRIS are taxed at 15 per cent, which is the same rate as for accumulation accounts.

If you want full access to your super balance when you reach 60, you will need to fulfill one more condition; an employment arrangement coming to an end. You can then access the money as an account-based pension income stream, a lump sum withdrawal, or a combination of both. Your accumulation phase or transition to retirement income stream account will be converted to a retirement phase account. 

This does not mean that you can no longer work. After one employment arrangement comes to an end, you can take up another contract, and there is no minimum time that needs to lapse between these two jobs. If you do this, the contribution of your employer would be held in an accumulation account, and you would be able to access it only when you meet another condition of release, such as retiring, or turning 65. You can also choose to be self-employed after turning 60 when an employment contract comes to an end.

Investment earnings in account-based income streams are tax-free. You can withdraw your pension at any frequency you set up but must withdraw at least once a year. 

If you want a lump sum superannuation withdrawal at age 60, you will need to retire fully. You’ll also need to submit a declaration to your super fund that you are retiring permanently, with no intention of returning to gainful employment - either part-time or full-time. 

Your super balance and how you decide to withdraw it will affect your tax liability. So consider all your options carefully before setting up a retirement phase super account.