Hi. I'm 62 (as of Jan 2024) and have been in the same full-time job since I was 59. I have no plans to quit my job (I quite like it) but I want to get hold of my superannuation to pay off my mortgage. I have some questions about this and would very much appreciate some guidance.
- I understand that to set up access to Transition to Retirement (TTR) there are a number of rules, including that I have to leave my job before I turn 65 (between 60 and 65) and then I can take up full-time employment again. Is this true as it seems a little ridiculous?
- If I do access TTR super before 65 then I can only get 10% of the amount in my super fund each year when I take it as a lump sum payment. Is this true?
- If I take this lump sum payment, it would not be taxed (I pay 15% tax on money going into the super fund now) except for interest on lump sum earnings. Is this true?
- At my age I don't need to let the ATO know if I intend to take up full-time employment again. Is this true?
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