Being smart with how you access your super can make a substantial difference in the long run.

You’ve worked hard all your life and have developed a sizable amount in superannuation, so it’s only natural to want to start diving into this hard-earned cash as soon as you can.

However, there are several options for accessing your super, and how you choose to use your super can affect other choices and may even affect your aged pension. Thus, before you dive into and withdraw a lump sum of money, it pays to look at your options to determine which is most beneficial from a long term financial standpoint.

The main three options for getting income from super include super income streams, retirement, and aged pension.

access super
account based pension

Account-Based Pension & Super Income Streams

An Account-Based Pension is a super income stream that lets you receive a regular income from a super account held in your name. Just like a normal income, you receive regular payments from your super account. The remainder of your super continues to be investest as it always has.

There are two options for Account-Based Pension; Transition to Retirement (TTR) income for those not yet retired and a retirement income stream for those who have.

TTR is a Government strategy that allows people between the ages of 55 and 60 to draw down some of their super while still working. TTR has many benefits, including the ability to reduce your hours, increase your super, and increase your income.


You can access your super tax-free only when you retire and have reached your preservation age, which will vary between 55 and 60, based on the year you were born. Only then are you able to pay yourself a pension from your super (as explained above) or withdraw all of it as a lump sum.

Withdrawing all of your super as a lump sum can be beneficial if you want to be deft-free. However, once you take out the money from your super, you may not be able to put it back in if you change your mind.

Aged Pension

If you have no super savings, you may still be eligible for the aged pension, which pays as much as $944.30 per single or $1423.60 to couples combine. To receive the aged pension, you must pass two asset tests, the income and assets test.

Centaur Financial Services can help ensure you receive the maximum pension entitlements and Centrelink benefits you’re entitled to.

Learn more from our I Want to Plan for Aged Care goal page.

Which Option Is Best For You?

Be wary; drawing down on your super early will affect your retirement income, which may, in turn, affect your retirement goals.

If you’re unsure whether Account-Based Pension, retirement or aged pension is the right choice for you, turn to the financial advisors at Centaur Financial Services. We have a highly experienced team of superannuation experts who can review your circumstances and determine which option is the most beneficial for you and your future objectives.

Learn more about drawing from your super on our Superannuation Planning page and find out which is the best option for you by arranging a free no-obligation consultation with our retirement experts.

Start Receiving Income From Super Today

Turn to Centaur Financial Services, award-winning Gold Coast’s Financial Planners.

The information provided on and made available through this website does not constitute financial product advice. The information is of a general nature only and does not take into account your individual objectives, financial situation or needs. It should not be used, relied upon, or treated as a substitute for specific professional advice. We recommend that you obtain your own independent professional advice before making any decision in relation to your particular requirements or circumstances. Centaur Financial Services do not warrant the accuracy, completeness or currency of the information provided on and made available through this website. Past performance of any product discussed on this website is not indicative of future performance.

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