Accessing Superannuation between Ages 60 to 65 (Oct 24 Tax Update)

Relevant For:

Individuals aged between 60 and 65 exploring superannuation access options

Key Points:

• From age 60, super access is simplified, but full access depends on retirement or reaching age 65.
• A Transition to Retirement Income Stream (TRIS) allows 4%–10% income, but lump sum access requires meeting retirement conditions.
• TRIS payments are tax-free for those over 60, yet the TRIS itself only enters the tax-free retirement phase upon satisfying additional conditions.
• Carefully plan super withdrawals to consider minimum pension rules, balance limits and Age Pension interactions.

Full Article:

From 1 July 2024, superannuation access rules have been streamlined.