Questioning what is criteria in terms of hours worked and/or dollars earned to be able to access Superannuation in pension mode at age 60.
Also - if instead of TTR you nominate full retirement. Is it reversible in 2 or 3 years if you decide to go back full time?
Reaching age 60 is not enough - you also need to pass a condition of release. e.g.
“Retirement = working less than 10 hours each week” or
“Cease position of employment after age 60” or
“Reach age 65.”
if instead of TTR you nominate full retirement.
Is it reversible in 2 or 3 years if you decide to go back full time?
Anyone who thinks they might be working more than 10 hours pw should not be declaring that they are retired.
Reaching age 60 is not enough - you also need to pass a condition of release. e.g.
“Retirement = working less than 10 hours each week” or
“Cease position of employment after age 60” or
“Reach age 65.”
if instead of TTR you nominate full retirement.
Is it reversible in 2 or 3 years if you decide to go back full time?
Anyone who thinks they might be working more than 10 hours pw should not be declaring that they are retired.
Thank you that was very helpful.
For clarity - Is the criteria for TTR 10 or less worked hours per week & 'retirement' zero worked hours per week?
Is the criteria for TTR 10 or less worked hours per week & 'retirement' zero worked hours per week?
Neither
The criteria for TTR = over age 60 only
“Retirement = working less than 10 hours each week”
Should all be explained on your super fund's web site.
All good - armed with your reply to generate the questions, it was quite succinctly explained on Chat GPT
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