Today Young Kim, ATO’s employee with Korean background joins SBS radio studio to explain when people can legally take out their super.
Superannuation is money set aside over your lifetime to provide for your retirement. Generally you can only withdraw your super when you reach preservation age and stop working. You can withdraw your super:
- when you turn 65 (even if you haven’t retired), or
- when you reach preservation age and retire, or
- under the transition to retirement rules, while continuing to work
There are also some very limited circumstances where you may be able to withdraw your super early such as compassionate grounds, severe financial hardship and certain medical conditions.
If someone offers to help you take out your super early, do not take up any offers without first checking if they are legal. Severe penalties apply for illegally accessing your super early. If someone approaches you advising that you can withdraw your super early, without meeting certain conditions, you should:
• stop any involvement with the scheme, organisation or the person who approached you
• not sign any documents
• not provide them with any of your personal details
• phone us on 13 10 20 and advise us of your situation.
The full story is available on the podcast above.
