Once you start looking into your super, it won’t take long before you run across the phrase, “preservation age”.  What is that, and what is yours?

Simply speaking, the preservation age is the age at which you can access your super.  It’ll vary depending on when you were born.

If you were born before 1 July 1960, your preservation age is 55.  If your birthday is after 1 July 1960 but before 1 July 1961, your preservation age is 56.  The age keeps on going up, one year at a time, until anyone born after 30 June 1965, when your preservation age is 60.

Once you hit that magic number, you an access your super.

Sometimes super can be released early, for instance, on compassionate grounds.  These conditions vary, but generally cover things such as terminal illness.

If you’d like to know more, make an appointment to speak with your financial planner about putting your super to work for you. If you don’t have a financial planner then contact us on 03 5338 7455 or http://www.ballaratwealth.com.au.

 

Peter Angel

Authorised Representative of Aon Hewitt Financial Advice Limited

Authorised Representative No. 1234567

 Aon Hewitt Financial Advice ABN 13 091 225 642 AFSL No. 239183

This information may be regarded as general advice.  That is, your personal objectives, needs or financial situations were not taken into account when preparing this information.  Accordingly, you should consider the appropriateness of any general advice we have given you, having regard to your own objectives, financial situation and needs before acting on it.  Where the information relates to a particular financial product, you should obtain and consider the relevant product disclosure statement before making any decision to purchase that financial product.