I'm 58, and I'm able to access my superannuation in full at any time *as long as I retire from the workforce*.

However, I'd like to access my superannuation right now, in full, but still have the option of working.

I am presently working part time, in a permanent job, at 25 hours per week. What I'd like to do is, hand in my resignation now and officially retire, thus gaining all my superannuation in full as one lump sum payment. At some time in the future (in about a month to about 6 months or so) , I'd like to return to the same part time job (I'm sure they'd re-employ me) and stay there for a few years till I finally quit work permanently for good.

Now "technically" I'm not sure that accessing my super in this way is totally legal, because I'm not "really" retiring, because I have the full intention of working part time for a few years "after" I get my super lump sum.

I have some questions......

(1) Is my plan "legal"? I don't wish to do any illegal plans or schemes.

(2) If a person retires, is there any reason why that person will not be allowed to access future employment? If they get a post-superannuation payout job, will they be put under investigation by the relevant authorities to find out if they "falsely" retired? Can their superannuation that they withdrew be then confiscated, or forcibly put back into a super fund, "if" it's deemed the retirement was a ploy in order to gain early access to a superannuation lump sum?

I would love to gain access to a full lump sum super payout, "now"...... and still have the option of continuing to work part time. Is there any "legal" and "honest" way I can achieve this?

Thanks.

Yes it is yours for the asking, if you are over 55 but do not use a shonky firm and pay for it.

I have no idea about the right to work, but you are now 58 and the laws about super changed recently so that "60" is now a very important number: if you take out your super before 60, you pay all kinds of horrendous taxes as per the very complicated system that was before, but if you wait just 2 more years, you pay no taxes at all on your super.

Therefore, make every effort to wait and retire on your 60th birthday.

For the benefit of yourself, you should go ask a licensed advisor.

For the sake of anyone answering, providing financial advise without being a licenced financial advisor is an offence and carries some hefty penalties

Don't be a rabbit Col yes the law has changed but it may not have changed for some who are over 55.
Now yes the law and common sense says get proper advice , mostly to keep shonks out of it.
Such advice , getting the money not investing it, can come from your supper fund free.

I am always interested to know in whose interests it is to keep salary levels or financial advice secret. Keeping salary levels secret allows employers to pay different salaries to people doing the same job and they do. Keeping financial advice secret makes its harder to shop around for worthwhile advise as financial planners charge $800+ per piece of advice. If the advise is wrong well chances are only the client given the bodgy advise will know.

Then of course what is financial advise? telling you what shares to buy, telling you to take out health insurance, telling you what pensions and health care card you can access.

Check with the Australian Tax Office to see if you can retire today if you are over 55 and resume work after that.

Belly “Don't be a rabbit Col”

Not sure what you are suggesting Belly, is it the size of my ears, perhaps my capacity for procreation. Can’t the my cute little fluffy tail, mate.

Billie “Keeping salary levels secret allows employers to pay different salaries to people doing the same job and they do.”

Maybe some do the job better than others and are worth the differential.

“Keeping financial advice secret makes its harder to shop around for worthwhile advise as financial planners charge $800+ per piece of advice.”

My partner has just a comprehensive check of her superannuation status, it is provided free by her superannuation company.

I believe there is a minimum period of genuine retirement that needs to be established prior to any super fund paying preserved entitlements. In any event proper advise would be the order of the day.Having said this lets not forget why productivity superannuation came about, to provide australians with retirement income.

If the thread continues we will see a lot of wrong and bad information, we already have.
I took early retirement from an air wasting NSW government department, and got my super in full post 55 years of age.
I found myself unable to sit around doing nothing[ properly the reason I no longer fitted in that job].
Started the job I was made for , no tax penalty's on my super, but an amount, small post 1983 was held.
Now I never stood on a street corner and asked strangers for advice so maybe Col you are right super funds are best to advise you but some are shonks.
Are we all aware some charge near every thing if you leave early in exit fees?
Some exit fees are theft , it is more than unwise to have more than one fund but some have an active fund for every Job they ever had.
I have seen 14 funds all each bringing fees from one construction worker.
As a post script some who use the high income in NSW government service to run a private cash cow are in the best superannuation fund I ever saw still.

Many people get their advise from either friends and or relatives and that is where they go wrong. It's a bit like golf, most golfers correct an error with another error however if you get a lesson from a pro and stick to the instruction, often results will follow.

In answer to your question, there are several legal sites where you can gain info either free or near to.

After all, would you go to a florist to get your hair cut?

Get profesional advise is my advise!

Ahh, Col Rouge your belief in the self correcting nature of the market is touching but deluded. As someone who quadrupled their pay in 12 months in the same profession, my experience is those people who have a keen appreciation of the market price of their skills get higher pay than those who let their attention drop. My sister also believes in the sanctity of the secret paypacket - I am never sure whether it's out of embarassment at how much she earns or shame at the low pay.

Your faith in the financial advisors provided by superannuation funds also makes me shudder, aren't they all rebadged life insurance salesmen?

Like Belly, I am also aware of people having 10 or more different superannuation funds which all take out life insurance policies for their contributors and refuse/fail to update contributors addresses. The reality is that you either use the employers super fund or you don't get included in the roster.

It is reasonable for a person on a low or moderate income to ask questions about investment on OLO. Why not? After all, there is some public scrutiny of advice given and where fee for service independent advice is concerned, it takes big money to interest the partners and senior advisers and it is their expertise that the business is based on, not that of the recruits from last year's graduate intake.

A case in point is that of an uncle who is ex-Australian Public Service and is aged 61. This fellow got a redundancy at around age 58, gets a CSS (?) pension from his public service fund and has a small sum of pre- and post- 1983 (a significant date?) contributions rolled over into a private fund.

Recently after paying for the usual glossy binder of generic financial advice (eg get life insurance) he was unable to find out what the tax consequence, if any, is if he withdraws a little under $10000 from the rolled over funds to replace his car. His questions seem simple enough:

- must ATO be advised in his current tax return; and
- what tax if any is payable?

ATO and the fund say they cannot give 'advice', but to report it in his return anyhow.

What comments?

Cornflower the advice he will get here is as its price says cheap, but maybe unreliable.
Pre and post 1983 are the result of changes dated then.
In my opinion as he is post 61 and not working he can take the preserved bit now.
While recent changes took place some affect younger people more than those close to retirement.
If I finished work now I could take the lot not much if any tax involved.
I would ask the super fund first.