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This week, Starts at 60 member Rod wrote to us, asking for some community advice:

If I was to retire at 64 and collect my lump sum super would I be able to take another job? If I collected my super I could pay out my mortgage and then pay into super for as long as I can work.

Can you help him? What is your advice?

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  1. Rod, you’d want to check out the tax implications of the lump sum at your age. Also look at rolling over as much as possible of the lump sum into an annuity.

  2. Contact your Super fund, you can take your Super if you are aged 60+ and change your work conditions ie leave your job. Then request your $’s then get another job. It is quite legal, once you reach 65 you can take what’s left & continue working & not leave your job.

  3. You can but you can only earn a certain amount. He needs professional financial advise

  4. Your super fund will provide you with the do’s and dont’s but it is possible to draw on your super and return to work. There’s the Transition to Retirement option but taking a lump sum is also possible. You will need to leave some money in your super savings account so that you can continue making contrbutions when you’re ready.

    2 REPLY
  5. Short answer is yes, if your deeming rate on your super and your income are below the pension income threshold. As other peolpe have suggested see professional financial advicer before you do anything.

  6. I retired from full time work, started receiving a monthly pension from my super the returned to work on a casual basis. I was able to access the low income super guarantee which bolstered my super.

  7. In nz you can work full-time and collect the super. It dropped to $490 fortnight and if you stop wk goes up not quite $100 .

  8. Speak to a Financial information Service officer at Centrelink. That should be the your first call then to your Financial Adviser. You might be surprised that the information from FISO leading up to your age Pension age at 65 may give you some valuable information. I am not entitle to a pension at this stage, if I was, then I would speak to the FISO first then my Financial Adviser. I have been amazed how many people were advised by their Financial Adviser that they were not entitle to age pension only to be told by FISO that they were. This service does not cost you anything & all the FISO have undertaken qualification to be in this role.

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  9. I got the super and work but had the choice to have secondary tax on the super or my job so i choose my job retired at 71

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