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There’s no single path to retirement. Some people work at full pace right up until they retire. For others, easing into retirement by cutting back hours is a better option. Some people even decide to turn a redundancy into retirement.
Whatever you decide, remember the way you access your super affects the amount of tax you pay, your entitlement to government benefits and your financial flexibility in retirement.
Once you've turned 65, or reached your preservation age and retired, you have options for how you access your super. Just remember that different withdrawal methods can have different tax implications so you may want to seek advice before making a decision.
Transferring your super to an Income account gives you the convenience of a flexible, regular income while still letting your investment grow over the long term. They’re also a more tax effective way to manage your money because:
If you’re not ready to retire, you could think about accessing part of your super through a transition to retirement strategy. It lets you supplement your income if you want to reduce your working hours, or boost your super by salary sacrificing more of your pre-tax pay.
Withdrawing your super as a lump sum, or as an income stream can have tax and Centrelink implications so make sure you get personal financial advice first.
If you have reached preservation age and are eligible, you can make a partial withdrawal from your Accumulation account online.
Withdraw online or download the Accumulation account withdrawal form
First, download and print the appropriate form:
To transfer funds from your existing super account into an Income account, you need to open an Income account. Then just complete, sign and send your forms to QSuper. Or drop into any of our branches and we’ll be happy to help.