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What is your preservation age?

Posted on Apr 1, 2019 by admin

Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before you can claim your funds. Every individual needs to be aware of their preservation age and regulations when accessing their superannuation benefits.

A person’s preservation age differs from the Age Pension. Age Pension is separate to your super and is a scheme which pays out a consistent income to help cope with the costs of living once you have retired. This age in Australia is 65 and not everyone is eligible for this system. Preservation age, however, is the age at which you can retire and access superannuation benefits. This age depends on your birth year.

Normally, accessing super benefits requires an individual to meet two conditions; reaching their preservation age and retiring from the workforce. Those who reach their preservation age but don’t intend to retire must meet other criteria to have access to their benefits