You don’t need to access your super the minute you finish working
If you’re in a position where you have other income that you can live off, there is no obligation on you to take your super out of your account straight away.
You might have income from investments or from a side hustle, or perhaps your spouse has an income that you can live off together.
You may choose to leave your super in your account where it will continue to receive investment earnings, just as it has done while you’ve been working. Of course, in times of negative returns, it may mean that your super balance drops, but in times of positive returns, your super will grow.
You can consider how you will invest your super while you live off your other income. ElectricSuper has 4 investment options that you can choose from. You can also split your super money between any of the investment options you wish, so you can create your own investment strategy.
We’ll continue to manage your super investment, just like we have been doing for you all these years. When the time comes to access your super money, we will be here to help you.
There are some exceptions
There are some exceptions to this in relation to members with defined benefit pension accounts, where the rules mean that you must take your pension by the time you are 65, regardless. Speak to us on 1300 307 844 if you need more information.
Want to know more?
We have a whole web page full of resources for people who are nearing retirement. You can access the Preparing to Retire page of our Learning Hub here:
You can also read more about it in our Preparing for Retirement Booklet which is downloadable as a pdf. Download the booklet here:
Not the right scenario for you?
Maybe accessing an ongoing income isn’t the right scenario for you.
You can learn more about the other 3 retirement scenarios by clicking on the buttons below: