his birthday changes more than just your age. It could change your future.
There’s something quietly powerful about turning 60. It might not mean retiring just yet, but it often marks a shift in how you think about your money, your lifestyle, and your retirement plans.
Superannuation is more than just a number on a statement. At 60, it becomes a flexible financial tool you can start to shape around your goals – whether that’s reducing work hours, paying off debts, supporting family, or planning for a comfortable retirement.
Why does turning 60 matter for your super?
??From age 60, you can usually start accessing your super tax-free – but only if you meet a condition of release. These rules are about more than just age; they define when and how your money becomes available based upon your work and retirement status.
For example, if you stop one job after turning 60 but continue working in another, you may be able to access the super benefits you had accrued up to the date you left that job. However, any super accumulated from your ongoing employment remains preserved or restricted until you meet another condition of release.
At 60, there are two key ways to meet this condition:
You stop working because you ceased an employment arrangement on or after your 60th birthday. In this case, only the super balance you had at that time becomes fully accessible.
You retire with the intention of working no more than 10 hours per week. In this case , your entire super balance can be accessed.
It’s important to remember that each super fund may have its own definitions of what counts as “returning to work,” including hours and job type. And if you go back to work later, your original retirement intention still matters but you may need to meet conditions again for new withdrawals.
From age 65 onwards, you can access your super freely regardless of your employment status.
