We all have those moments when the thought of retiring early crosses our mind, whether due to tough days at work, wanting more time for ourselves or to care for loved ones, or exploring new pursuits like study, volunteering, music, or art. Whatever the reason, you might wonder how your money deferred in SASS affects this plan and whether you can get access to your money.
In this article we explore some things to keep in mind if you need to retire early and opportunities to consider if your situation changes.
Your SASS benefit is subject to the super preservation rules. If you are age 60 – 65 you’ll be able to access all your money in SASS if you leave an employment arrangement and if you are 65 or older you can have immediate access.
If you are under 60, you can generally only cash out the unrestricted non-preserved part of your super. The rest stays in super until you meet a condition of release, such as leaving your job after turning 60. If you choose to access the unrestricted part, you will need to transfer the remaining balance of your deferred SASS account to another super fund and your SASS account will be closed.
Deferred members need to be cautious if they haven't reached their earliest retirement age, which is typically 58 for most members. If you deferred your account after leaving your job for reasons other than retrenchment, such as resignation, and decide to access your money, the withdrawal benefit will be applied. This benefit is usually less than what you would receive if you kept your money deferred in SASS and accessed it at your earliest retirement age.
If you're thinking about accessing your SASS benefit, it's a good idea to request a benefit estimate from State Super Customer Service to make an informed decision. You can contact Customer Service on 1300 130 095.
If you were counting on using your SASS benefit to pay down debt or to provide money to live, you’ll need to consider whether you can access your money or whether you’ll need to look at other sources of income.