You can withdraw a lump sum from your Retirement Income Account whenever you like. Any amount withdrawn will be in addition to your regular income payments and doesn't count towards meeting the annual minimum income requirement. If you’re over 60, lump sum withdrawals are tax-free.
Withdrawing a lump sum from your Retirement Income account can impact how long your money will last. Here’s what to keep in mind.
Once we’ve received your form, we will:
You can track the status of your withdrawal request anytime through your Member Online account.
Once approved, your withdrawal will be processed within 3-5 business days.
If you’re an Aware Super member, you can get expert help setting up your retirement with an expert at no extra cost.[AD2]
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A lump sum withdrawal is a cash payment from your super savings to your bank account. You can request to withdraw a lump sum from your accumulation (Future Saver) account if you’ve met certain conditions set by the Government. But if you’re in retirement, you can withdraw your money with more freedom.
Learn more about early access to your super.
If your money is in your Future Saver super account you need to be eligible to access your super before withdrawing a lump sum. To make a withdrawal from your Aware Super account you will need to:
Ready to go? You’ll need:
No, your income payments will stay the same. Making a withdrawal will lower your overall balance, which in turn can impact how long you will receive income payments before your balance runs out.
If you’re 60 or over, lump sum withdrawals are generally tax-free.
No, you can’t add any money to your Retirement Income account. However, if you are eligible to contribute you can start a new super (Future Saver) account and add the money there.
Please consider your needs and situation carefully before you make any decisions about opening new account.
[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
