accessing your super in retirement

Retirement looks different for everyone, so there are options when it comes to accessing your money. Here's everything you need to know about what you can do when it's time to access your super in retirement.

watch the video:
how do I access my super?

Watch as HESTA Superannuation Specialist, Linda Panaszek, gives a snapshot of your options when it comes to accessing your super in retirement.

when can you retire?

There’s no set retirement age in Australia so you can generally retire when you want. But there are rules around when you can access your super.

Your super is designed to help support you financially when you retire, so the government has set rules on when you can access it. They’re called ‘preservation rules’.

You can generally access your super when you’ve met a condition of release, such as:

when you’ve permanently retired or start a transition to retirement income stream on or after preservation age which is now 60 years of age
after reaching age 60, when you stop working
when you reach age 65
if you become permanently incapacitated
if you have a terminal medical condition
under financial hardship conditions.

Preservation age

Your preservation age is the age when you can generally start accessing your super, and it depends on when you were born. Preservation age is now 60 years of age unless you meet a condition of release.

See How super works (PDF) for more details.

ways to access super in retirement

When it comes to accessing your super, there are a few options you can choose from. You can choose one option, or you can use a combination of them.

Start a Transition to Retirement Income Stream

Still working? A HESTA Transition to Retirement (TTR) Income Stream account gives you limited access to your super before you fully retire.

You’ll get an income from your TTR income stream account (which comes out of your super savings) as well as your salary while you’re working. It can help you maintain your income, whilst reducing your hours at work. Or you can choose to use some or all of the extra income to contribute to your super. If you do this through salary sacrifice contributions, it could help you to minimise tax.

There are minimum and maximum amounts you can access from your TTR income stream account, and investment earnings are taxed at up to 15%.

Payments from your TTR income stream account are generally taxed less than your income. They're completely tax-free once you're over 60.

See how a TTR income stream works

Start a Retirement Income Stream

One option is to move your super into a HESTA Retirement Income Stream account. An income stream account lets you access a regular income from your super while your money stays invested. This is sometimes called an account-based pension and it’s a flexible way to access your super when you’re retired.

One of the benefits of opening a retirement income stream account is that, unlike a super account, you don't pay tax on investment earnings. And, you get to choose how often and how much you’re paid (within government limits).

By starting an income stream using your super, you can get a regular income which is generally tax-free if you’re over 60. Eligibility criteria applies.

See how an income stream works

Make a lump-sum withdrawal

You can choose to access your super through a lump-sum withdrawal.

Before you start, you need to meet at least one of these conditions:

you’re age 65 or over
you stopped working on or after age 60.

It’s quick and easy to request a lump-sum withdrawal through your online account.

Consider whether this product is appropriate for you by reading the PDS and TMD at hesta.com.au/PDS.

retirement stories

Meet Julianna

After 20 years working in aged care nursing, HESTA member Julianna contacted HESTA for some advice to understand the benefits of setting up an income stream account. Julianna took up the advice and loves receiving a regular income while her super balance stays invested.

Read Julianna's story

Common questions about retirement

Jen Harding, General Manager of Engagement, Education and Advice at HESTA, joined Bec Wilson on her 'Prime Time podcast' to talk about the most common questions HESTA members ask as they’re approaching retirement.

Find out the common questions