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Returning to work after accessing your super

Retirement isn’t necessarily a permanent thing as even the best-laid plans can collapse when circumstances change.

The Australian Bureau of Statistics has found the most common reasons retirees return to employment are financial necessity and boredom. But what does this mean when you have already dipped into your superannuation funds?

Individuals are able to access their super once they have reached their preservation age and retired, ceased an employment arrangement after age 60, or turned 65.

These circumstances are all ‘conditions of release’ and allow you to access your superannuation benefits.  In the first two instances you need to notify your superannuation fund so they can record the change of status first.

If your circumstances change at a later date and you return to work, any new super contributions will again be preserved and not accessible until you meet another condition of release, for example age 65.

After age 65, you don’t have to be retired or satisfy any special conditions to gain full access to your super savings.  Also, if you return to work and earn more than $450 a month, your employer will again be required to make superannuation contributions at the current rate of 9.5%.   There is no age limit for the payment of these contributions.

Also, if you meet the ‘work test’ by working 40 hours in 30 consecutive days between the ages of 65 and 75 you may also make voluntary member contributions.   Voluntary member contributions are not able to be made after age 75.

Individuals considering their options should consult their accountant or financial adviser for information specific to their situation.

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