Accessing your super early

[bob246810]

I've been looking around for options to get early access to my super (to put into my PPOR rather than having it sitting there earning crapola), but unfortunately only being in my 20s, I seem to be a long way away from retirement.

However I have heard of something called a "non-commutable lifetime pension", which sounds like some sort of constant payout of the super. I can't seem to find any info about this online - and what I can find seems a bit confusing.

Does anyone know much about this - and more importantly, can I access it before the preservation age?

 

[D.T.]

Sure, get a terminal illness.

 

[S.T]

http://www.humanservices.gov.au/customer/services/centrelink/early-release-of-superannuation

good luck!

 

[greedy2000]

I've been looking around for options to get early access to my super (to put into my PPOR rather than having it sitting there earning crapola), but unfortunately only being in my 20s, I seem to be a long way away from retirement.

However I have heard of something called a "non-commutable lifetime pension", which sounds like some sort of constant payout of the super. I can't seem to find any info about this online - and what I can find seems a bit confusing.

Does anyone know much about this - and more importantly, can I access it before the preservation age?

a non-commutable lifetime pension is only available to those who have reached their preservation age (55 years old, for you it will be 60).

The only other route that someone in your situation can get access to their super is:

- Financial Hardship
- Compassionate grounds

both options are not something you should aspire to do.

 

[alexlee]

I've been looking around for options to get early access to my super (to put into my PPOR rather than having it sitting there earning crapola)

As you're young, putting your super into, say, an all shares investment option will likely perform better than your mortgage rate over time.

It's unlikely you can access it early.

 

[HD_ACE]

Permantly moving to another country might be an option but might not work for your situation. Or may not be possible now.

Worked for me a few years ago.

Cheers

 

[Blair007]

Permantly moving to another country might be an option but might not work for your situation. Or may not be possible now.

Worked for me a few years ago.

Cheers

Was that for accessing your kiwisaver chase?

 

[neK]

Sure, get a terminal illness.

+1
This is best way to get it without any strings attached.... (provided you ignore the string that says you're gonna die )

 

[sanj]

I've been looking around for options to get early access to my super (to put into my PPOR rather than having it sitting there earning crapola), but unfortunately only being in my 20s, I seem to be a long way away from retirement.

However I have heard of something called a "non-commutable lifetime pension", which sounds like some sort of constant payout of the super. I can't seem to find any info about this online - and what I can find seems a bit confusing.

Does anyone know much about this - and more importantly, can I access it before the preservation age?

if you are earning crapola on it id suggesting changing that instead of trying to do the impossible

 

[Scott No Mates]

if the earnings are crap or the fees sre ridiculous go change funds to an industry fund eg sunsuper charges $1.25 per transaction or cbud which has shown a 15%+ increase since July 13.

 

[pinkboy]

Permantly moving to another country might be an option but might not work for your situation. Or may not be possible now.

Worked for me a few years ago.

Cheers

5 years.

pinkboy

 

[Corey Batt]

5 years.

pinkboy

They also wipe out your HECs debt after 8 years too if I remember correctly.

 

[Terry_w]

They also wipe out your HECs debt after 8 years too if I remember correctly.

I've never heard that one. Recently there was a lot of bad press about people who rack up large HECS debts and then go and work overseas, never having to pay it back.

 

[Corey Batt]

I've never heard that one. Recently there was a lot of bad press about people who rack up large HECS debts and then go and work overseas, never having to pay it back.

Oh I heard it all the time from anthropology/development studies lecturers emploring all their 'lifer' Arts students to go work overseas and enjoy other cultures, just until their copious HECs debts were cleared.

 

[HD_ACE]

Was that for accessing your kiwisaver chase?

Yeap. Unsure but i think now you may only be able to transfer to another overseas superfund and not withdraw as cash.

5 years.

pinkboy

Interesting. Was 12 months for me going nz to aus.

Cheers

 

[neK]

Permantly moving to another country might be an option but might not work for your situation. Or may not be possible now.

Worked for me a few years ago.

Cheers

Hasn't been possible for many years now....

https://www.ato.gov.au/Individuals/...-for-temporary-residents-departing-Australia/

It only applies for temporary residents who have super and are departing australia. It does not apply to permanent residents departing australia.

 

[neK]

I've never heard that one. Recently there was a lot of bad press about people who rack up large HECS debts and then go and work overseas, never having to pay it back.

Wish there was a way they could make these students pay it back rather than changing the HELP debt rules.

 

[b simpson]

If we could all pull our super out to put towards a PPOR, prices would be inflated much worse than the first home buyers grants.

Admittedly that would probably benefit most on this forum but I don't think it would be fair for young people getting into the market.

 

[baby blue eyes]

Pulling out of super and towards PPOR repayment/ other debt is what I have seen two people do in the last 10 months. They have reached a preservation age.

Great, wipe out your super balance because you lived in your house and lived beyond your means and then pay it off with retirement savings and in 5 years time cry when the pension is not enough.

I know you are younger, the cumulative affect of your compounding savings well managed will be needed in your retirement,god knows what the age will go up to to get at it.

Be active in your super and in the future set up your own SMSF and manage that too. It is just another investment vehicle all be it coming with government regulations

 

[pinkboy]

Pulling out of super and towards PPOR repayment/ other debt is what I have seen two people do in the last 10 months. They have reached a preservation age.

Great, wipe out your super balance because you lived in your house and lived beyond your means and then pay it off with retirement savings and in 5 years time cry when the pension is not enough.

I know you are younger, the cumulative affect of your compounding savings well managed will be needed in your retirement,god knows what the age will go up to to get at it.

Be active in your super and in the future set up your own SMSA and manage that too. It is just another investment vehicle all be it coming with government regulations

http://www.aussiestockforums.com/forums/showthread.php?t=24666

43 pages of pretty good reading, including many snippets over issues raised in this thread.

pinkboy