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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Can money be taken out of super tax free at age 60 to buy a small home to live in if you meet the preservation age?
Hi Trish. There are lots of rules around this and some people have a mix of tax free and taxable super. Genrally to get your super you need to meet what is know in typical industry jargon as a condition of release. For Seniors the most relevant conditions of release are:
You have reached age 60 and have retired / are no longer working
You have reached age 60 and are still working but have commenced a transition to retirement strategy
You are still working but have reached age 65.
the link below to the ATO site will give you a lot more information on this
ATO – How tax applies to your super