Accessing your super after 60

Withdrawal rules by age band

Age 60–64, still working: You've reached preservation age but not a full condition of release. You can start a Transition to Retirement Income Stream (TRIS) and draw 4%–10% of the balance each financial year. You cannot take lump sums. TRIS earnings inside the fund are taxed at 15% until you fully retire and the TRIS converts to retirement phase.

Age 60–64, retired: 'Retirement' means you've ceased an employment arrangement and don't intend to work 10+ hours/week again. You now have full access — lump sums, account-based pensions, or a mix. Payments are tax-free; earnings on retirement-phase pension assets are tax-free up to the $1.9m transfer balance cap (2025–26).

Age 65+: Anyone aged 65 or over has unrestricted access to their super, regardless of whether they're working. Lump sums and pension payments remain tax-free from a taxed fund. Minimum pension drawdowns apply once a pension has started.

Example — Mark, 62, retired: Mark has $850,000 in his SMSF. He starts an account-based pension and draws $42,500/year (5%). He pays $0 income tax on the pension, and the fund pays $0 tax on earnings supporting his pension. He could also take a $100,000 lump sum at any time, also tax-free.

Example — Lisa, 61, still working: Lisa has $600,000 in super and wants to reduce hours. She starts a TRIS and draws 6% ($36,000) for the year. The fund still pays 15% tax on TRIS earnings. When Lisa fully retires (or turns 65), her TRIS automatically converts to retirement phase and the fund's tax on those earnings drops to 0%.

• Age 60–64 (still working): TRIS pension only, 4–10% draw range per year.
• Age 60–64 (retired): full access — lump sums and pensions, tax-free.
• Age 65+: full access regardless of work status. No restrictions.
• Pension payments and lump sums from a taxed fund are tax-free after 60.
• Minimum pension drawdown rises with age: 4% (under 65) up to 14% (95+).