When can Super be accessed?
The money invested in your name in Superannuation is “locked away” and – with a few exceptions – is not able to be used by you until you have retired from working. Most people in Australia retire at the age of 65.
Please read our General Advice Warning.
Have a look at the Australian Taxation Office’s website for more information, or contact FinAdvice Financial Planning to discuss how we can help you manage your super.
How much do I need?
Most people now expect to live well into their eighties, so if you stop working at 65, you’ll need retirement income for about 20 years.
How much you need set aside in Super depends upon your needs and expectations.
If you own your own home, to maintain your pre-retirement standard of living after you’ve retired, a rule of thumb is your investments will need to annually generate two-thirds (67%) of your pre-retirement income.