Tips on Superannuation
- September 2nd, 2011
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Your superannuation Australia account is a very vital financial tool. You can access your super account when you reach retirement age or when you turn 65. The preservation age will be increased from 55 to 60 years between the years 2015 and 2025. However, if you need to access before that age, you should check the transition to retirement rules.
You must remember that there are very limited circumstances that will allow you to access your super savings account early. Oftentimes, these circumstances are mainly associated with severe financial hardships and specific medical conditions.
You should beware of people who claim that they can offer you early access to your super savings account. They will ask you transfer your account funds into a self-managed super fund. These kinds of schemes are illegal and are subject to heavy penalties if you decide to join. It is important that you research or meet with an advisor before doing any such transactions with your super account.