Freecall 1800 025 241

MON - FRI 8:30AM - 5PM (NSW TIME)

What is Preserved Superannuation?

So, you have been putting money away into super for years in order to have a comfortable retirement. As you head into your retirement years, you may be wondering about how you are going to access that money.

Your super is generally ‘preserved’ and cannot be accessed until you meet a condition of release, such as reaching your preservation age, suffering a terminal medical condition or severe financial hardship.

Once you reach your preservation age, which is between fifty-five and sixty years old, depending on when you were born, you can access your super as long as you are permanently retired.

There are three types of preservation depending on how and when the money is paid into your super account:

  • Preserved benefits are all of the contributions you have made, or made on your behalf, and all earnings since 30 June 1999. You may only access these benefits if certain conditions are met, and are subject to cashing restrictions.
  • You then have restricted non-preserved benefits which are made up of employment-related contributions made before 1 July 1999. These also have conditions to be met before you are allowed to receive this money.
  • Then, you have unrestricted non-preserved benefits. You are able to request this money at any time without restrictions.

Super can be confusing, so you may want to talk to someone to understand how and when you can access your retirement savings.  Don’t hesitate to contact us to find out more and ensure that you are ready for your future.

 

Woman saving money in a piggybank - representing making extra contributions to her superannuation

How To Boost Your Super

Your superannuation is a key investment when it comes to saving for your retirement, and there are ways you can boost these savings. Your employer will contribute an amount equal to 9.5% of your salary into your super, and you may also contribute additional money as Concessional Contributions or Non-Concessional Contributions. Find out more.

Keep Reading

wedding couple at night with lighting and cafe in background

How Life Events Affect My Super

Life changes that can affect your super include a variety of events that most people will encounter at some point in their lives. Some of these types of events include starting a job, getting married, buying a home, having children, getting a tax refund or an inheritance, getting a separation or divorce, the death of a spouse, having an illness, redundancy, or losing a job. Learn more.

Keep Reading

Retired man drinking a coffee

What is the Age Pension?

The Age Pension is a government income support payment paid to eligible Australians who have reached Age Pension age.  The Age Pension is income and assets tested which means the amount you can get will depend on any other income you receive (from super, investments and paid work) and on the assets you own. Learn more.

Keep Reading

Young woman with a piggy bank, representing savings and superannuation for retirement

Planning Ahead For Your Desired Retirement

If you desire to live large during your retirement, you may need up to $1 million to finance your lifestyle. Getting there will require more than the Age Pension. You will need to consider additional strategies like boosting your super savings or extra investment. Learn more.

Keep Reading

Before you leave...
Are you a small business owner?
Submit your email address to receive a FREE Website Marketing Report, and tips to help you manage your business.
SUBMIT