SUPPERANNUATION
Exiting Your Super
For many of us, retirement is when dreams become reality. Released from the commitment
of full-time employment, we are able to choose from a range of lifestyle options.
Despite having all of this to look forward to, preparing for retirement can be one of the most stressful and uncertain times of your life.
Early Release from Superannuation
Set out in superannuation rules are set methods of gaining access to the money inside your superannuation account, such as retirement at 55 years old, 65 years old, and death.
There are however three methods for gaining early access to superannuation.
Severe Financial Hardship
This is for people who have come on to hard time and need assistance, there are a number of conditions required and is subject to approval by the superannuation fund trustee.
Compassionate Grounds
This is for a very specific and important reason, such as medical costs, loss of family home, and palliative care. Applications are made through the governments Human Services Department.
Temporary Resident Leaves the Country
The half measure is only available for those temporary residents that leave the country. A classic example is back packers when they leave the country there is the possibility that their superannuation can be withdrawn.
Please note: this is very limited method. It does not apply to Australian residents leaving to go on holiday or to become expats living overseas.