Superannuation

You can retire at anytime but this does not mean you will have access to your superannuation you must be both retired and have met your preservative age. This age will depend on when you were born. Once these two conditions have been met, you can take a non-commutable income stream which means it is not an amount which can be taken as a lump sum. If you made personal contributions before July 2005 and didn't claim them as a tax deduction you can withdraw this money after you have left the place of employment where you were when you made the contributions.   

There are a range of investment options in which you can look into with your superannuation money once you have retired. If you are looking into the option of receiving regular income once you are in retirement, the most popular and tax effective alternative is to roll your super into an allocated pension fund or an annuity.

If you are aged 65 or over, meet certain residential requirements and have income and assets below a certain amount you will be eligible for the age pension. The amount in which you will be eligible to receive will depend on the amount of income and assets you hold which, will be assessed by Centrelink.