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Accessing your Super after 1 July

[av_textblock size=” font_color=” color=”] A short reminder that super preservation ages increased from 1 July 2015.

From 1 July 2015, new superannuation preservation ages took effect.

If your birth date is anywhere from July 1960 onwards, you now have to wait longer before you can access your super savings – age 56 if you were born after 1 July 1960 and 60 for those born after 1 July 1964.

The intention behind this is to help ensure Australians enjoy financial independence in retirement.

Transitioning to retirement strategies are gaining popularity for good reason. Contact us if you would like more information.

A quick summary

  • If you are turning 55 during the 2015/2016 financial year (1 July 2015 to 30 June 2016), that is you were born on or after 1 July 1960 and before 1 July 1961, you will have a preservation age of 56. What this means is, you cannot access your super benefits until you turn 56, under the usual retirement rules.
  • If you are turning 55 during the 2017 financial year (that is, you were born on or after 1 July 1961 and before 1 July 1962), you will be waiting two more years before reaching your preservation age of 57.
  • If you are turning 55 during the 2018 financial year (1 July 2017 to 30 June 2018), namely you were born sometime during the period from 1 July 1962 until 30 June 1963, then your preservation age is 58 years.
  • If you are turning 55 between 1 July 2018 and 30 June 2019, then your preservation age is 59 years, which means you reach your preservation age of 59 during the 2022/2023 financial year (1 July 2022 to 30 June 2023).
  • Anyone born on or after 1 July 1964, that is, turning 55 on or after 1 July 2019, has a preservation age of 60 years. This group of Australians starts turning 60 from 1 July 2024 onwards.

Source http://www.superguide.com.au/accessing-superannuation/preservation-age-changes-from-july-2015
[/av_textblock] [av_one_half first] [av_textblock size=” font_color=” color=”] Here is a short video from the Australian Taxation Office explaining more.
[/av_textblock] [/av_one_half][av_one_half] [av_video src=’https://www.youtube.com/watch?v=dmQJviJiAwE&feature=youtu.be’ format=’4-3′ width=’16’ height=’9′] [/av_one_half]

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