I was made redundant in March 2024 aged 61 3/4 and am now working on a casual basis. I don't see this arrangement changing in the foreseeable future. I am over the preservation age. Can I take a lump sum from my super e.g. $200k to pay down debt and leave the remainder in accumulation phase?
Hi @Malonc,
Yes, you can access your super as a lump sum to pay down debt while leaving the remainder in accumulation phase. Since you're over preservation age, you have two conditions of release that allow you to access your super:
Based on your situation, if your casual work involves less than 10 hours per week, you may meet the retirement condition of release. You'll have unrestricted access once you turn 65.
When taking a lump sum, be aware of potential tax implications. If you're between 60-65, your withdrawals will usually be tax-free. You don't need to declare this lump sum as income on your tax return unless you're using it to produce income (like investing).
Hi Nikki, thanks for your reply.
If I am working more than 10 hours per week, can I still take a lump sum?
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