Ways to access your super
Retirement income streams and products
After years of building your nest egg, it’s finally time to start reaping the rewards – but now what? When and how you access your super will depend on your personal circumstances.
Income sources in retirement
If you’re working, your main income usually comes from one place – your salary from your employer-or your business if you are self-employed. But when you retire, your income could come from several different sources:
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Any salary you receive if you choose to work part-time in retirementOnce you've reached the age you can withdraw your super, there are several ways to draw on your retirement savings.
Generally speaking, you can access your super when you reach 60 years of age and retire, or if you’re 65 and still working.
Super is designed to help you save for retirement, so the Government places restrictions on when you can withdraw your super and there may also be tax implications.
Ways to access your super in retirement
There are four main ways to access your super:
- Transition to retirement (TTR) account
- Account-based pension, like the RetireAccess Retirement income stream
- Lifetime pension
- Lump sum withdrawal
Learn more about the different retirement products we offer below.
You may choose one of these or utilise a couple of different products to build your retirement – supporting you to reach your retirement goals.
Importantly, for many members, these products will work alongside the safety-net of the Government Age Pension.
Our retirement products
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RetireAccess Transition to Retirement income stream A Transition to Retirement income stream gives you flexibility as you begin to move into retirement. You can potentially scale back your work hours, reduce your tax, and continue to grow your super, all while maintaining your income. Key benefits– Gradual transition to retirement Who is it for?You’ve reached preservation age and are still working and have never met a condition of release. |
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RetireAccess Retirement income stream A Retirement income stream can provide you with regular tax-free income payments to support you when you fully retire. You also have the flexibility to make lumpsum withdrawals if needed. Key benefits
– Flexible income ^ Who is it for?You’ve reached your preservation age and have retired, or attained age 65 or older or met another condition of release.** |
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RetireAccess Lifetime Pension With a Lifetime Pension you can receive tax-free payments for life, protecting you from outliving your retirement savings. Key benefits
– Guaranteed income for life~ Who is it for?You're aged 60 or over, with unrestricted access to your super and retired, intending to retire or semi-retired. |
Income-layering approach
An income-layering approach is designed to support you in reaching your retirement goals.
Based on your unique circumstances, implementing an income-layering approach may maximise your retirement income, match your risk-profile while granting you the flexibility to make withdrawals you need.
How does it work?
This approach involves combining multiple retirement income stream products, offering a holistic retirement portfolio. By combining products, you have the comfort of knowing you have a guaranteed income for life~, while still having personal choice and flexibility. Combining products may also mean eligibility for or ability to obtain greater Age Pension entitlements, or you may get access to it earlier.
Learn more about income layering
^Within minimum and maximum legislative limits.
* Any money previously invested in a TelstraSuper Retirement income stream will not be eligible for a Retirement Bonus. The bonus is only paid on new money from an accumulation account transferred into a new Retirement income stream. Must be invested in High Growth, Growth, Balanced, Moderate, Conservative, Australian Shares, International Shares, Property, MySuper Growth, MySuper Balanced, MySuper Moderate or MySuper Conservative when money is transferred into the RIS. For further information and conditions click here.
** To allow you to access your super and start a TelstraSuper RetireAccess Retirement income stream, you must meet one of the following conditions of release: • permanent retirement from the workforce on or after your preservation age • ceasing gainful employment with an employer after turning age 60, without necessarily retiring permanently • reaching 65 years of age, whether you’ve retired or not • no longer working due to permanent incapacity • having a Terminal Medical Condition. You can also be an eligible dependant in receipt of a death benefit income stream.
~The benefits provided by RetireAccess Lifetime Pension are supported by a life insurance policy issued to Telstra Super Pty Ltd, the trustee of TelstraSuper (“Trustee”) by Challenger Life Company Limited (ABN 44 072 486 938) (AFSL 234670) (“Challenger”). The Trustee, as issuer of the RetireAccess Lifetime Pension product, does not provide any guarantee whatsoever in respect of the product. The guarantee is provided by Challenger Life under the life policy issued to the Trustee. The Trustee relies wholly on Challenger Life to pay your pension and will not pay your pension under a RetireAccess Lifetime Pension if Challenger Life is unable to.