Can I access my super at 60 and still work?

As you approach the age of 60, you may want to access your superannuation while continuing to work. This may be possible, provided you have reached the preservation age and meet the conditions set by the Australian Taxation Office (ATO). Here’s a brief overview of how this could work for you. 

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The concept of preservation age is crucial in determining when you can begin accessing your super. The preservation age is the minimum age at which you can access your superannuation if you've met certain conditions of release. From 1 July 2024, this preservation age is set at 60 for everyone. 

So once you’re 60 and you want to access your super benefits but continue working, is that possible? One way is to get limited access by starting a Transition to Retirement Income Stream (TRIS). The other is to get full access by ceasing an employment arrangement after turning 60. 

Yes, you can access your super at 60 and continue working, but the extent to which you can access your funds depends on the conditions you meet: 

Full access by ending an employment agreement 

To gain full access to your super at 60, you must meet an additional condition of release beyond reaching the preservation age - your current employment arrangement must come to an end. This doesn’t mean you have to stop working altogether; you could end one employment contract and start another immediately. 

The contributions from your new employment would be held in an accumulation account, and you could access them once you meet another condition of release, such as retiring permanently or turning 65. You can also choose to be self-employed after turning 60 when an employment contract comes to an end. 

Setting up a Transition to Retirement Income Stream 

If you’re 60 and still working, a Transition to Retirement Income Stream offers a flexible way to access a portion of your superannuation balance while continuing to work. A TRIS is an account-based income stream that allows eligible super fund members to withdraw up to 10% of their super each year under specific conditions. This can be particularly beneficial if you’re looking to reduce your working hours while maintaining a steady income as you transition gradually into retirement. 

A TRIS differs from other retirement income streams by providing regular payments from your super instead of a lump sum, so you continue to receive a consistent income. This type of income stream, called a ‘non-commutable’ income stream by the Australian Tax Office (ATO), lets you use a part of your super without needing to stop working altogether. 

After setting up a TRIS, once you retire, you need to notify your super fund, and your account can be changed to a retirement phase account, giving you full access to your super savings. 

Remember that investment earnings within a TRIS are taxed at 15%, which is the same rate as for accumulation accounts. It’s advisable to talk to your super fund or get independent financial advice before setting up a TRIS, to make sure it fits well with your retirement plans.