Can I draw from my super in advance of retirement?
Q.
I am 46 years of age and have been self employed since 2002. I
have superannuation from when I was an employee. I am never going
to be an employee again and the money in my super would be better
as working capital for my business. Is there any way of getting my
money out of super and into my control? What should I be
asking/checking with my super funds to see if there is a clause
that allows me to withdraw the money?
A.
Unless you qualify under the hardship provisions, which is most
unlikely, the only part of superannuation that can be withdrawn
before you reach 55 and retire is "unrestricted non-preserved".
Your fund will be able to advise you if you have any money in this
area, but bear in mind there may be an exit tax of 21.5% if you
withdraw money from superannuation before age 55.
Each week financial advisor Noel Whittaker answers your
questions.
