Can i access my super at 55 and still work

Can you get a pension if you age 55? Can I access my Super If I retire? If you have reached your preservation age, you can then retire and gain access to the entirety of your super. However, if you want to continue to work it’s a little more complex.

If you’re or older then you can simply access your super and still keep working , either full or part-time, with no special conditions.

You generally will only be able to access your super if you’ve reached your preservation age and retire ceased an employment arrangement after age 6 or turned 65. If you’re thinking about returning to work after retirement there are rules about super you may need to be aware of depending on your circumstances. You will have limited access to your savings if you are still working, but may have full access to your super in the form of an income stream or lump sum if you have permanently retired.

One such way involves limited access to your superannuation and the other provides full access to your superannuation. You can, in fact, access your superannuation as soon as you reach your Preservation Age, even if you are still working. However, once you turn 6 you may be able to access your preserved super benefit and continue to be gainfully employed.

You can access your super if you’re aged and over and you stop working , even if you subsequently get another job with another employer. As mentioned earlier, super payments are generally tax-free once you turn 60.

Learn more about accessing your super by reaching age and ceasing employment. It’s not normally before 55. Contact your pension provider if you’re not sure when you can take your pension. You can take up to of the money built up in your pension as a tax-free lump sum.

In order to have full access to your super once reaching your superannuation Preservation Age (minimum age ), the following condition must be met: You need to permanently retire with no intention of returning to full-time or part-time work. If you meet this condition, you have full, unrestricted access to your super. The preservation age is for those who wish to stop working, and access. Your super fund plays a big part in your retirement, so understanding how it works and when you can access your super can be very helpful in planning for your future. Again, you won’t be able to access any further super benefits you accumulate from that point until you meet another condition of release.

If you’re aged over 6 it’s possible to access your super and still work. In other words, you don’t have to retire to access it. There are no access restrictions.

To compensate for postponing your pension, you can get a higher amount of state pension when you eventually claim it. Our guide to deferring your state pension explains how. It is also possible to receive a private pension while you carry on working - the earliest you can access your pensions is age 55. But for most pension schemes, the earliest you can access your pension is at age 55.

Now let us suppose that you work on for three years past pension age and draw your state pension at 69.

For each year you defer you get 5. Adding three lots of £464. You may be able to access your super if you are temporarily unable to work , or need to work less hours, because of a physical or mental medical condition. This condition of release is generally used to access insurance benefits linked to your super account.