Retirement is a fluid concept, and it’s common for people to approach it flexibly. For instance, retirement doesn’t mean you’ll never want to work again. Part-time work is appealing to many, whether in their usual field or something fresh. You can manage your super to work with whichever route you decide to take.
Returning to work
You've retired and decided you want to go back to work — so what does that mean for your super? If you've already opened an NGS Income account, you have a couple of options. You can either:
- keep your account and continue to receive income payments (with the potential to reduce the amount received) or
- transfer your account back into an NGS Accumulation account where you'll no longer receive income payments. You can do this by completing a Request for withdrawal form. You can always reopen an NGS Income account later, if you decide to stop working again.
Either way, you'll need an accumulation account, so your employer has somewhere to direct your employer contributions. If you decide to keep your NGS Income account open, you can apply for a separate NGS Accumulation account online.
Working part-time
In terms of your super, the options for returning to work part-time are much the same as returning full-time. You can either:
- keep your NGS Income account open, adjusting the payments you receive to suit your new cashflow or
- transfer your income account back into a new NGS Accumulation account, if you don't need the income payments during this time. You can do this by completing a Request for withdrawal form.
Again, you'll need an accumulation account when you return to work so your employer can make super contributions. If you decide to keep your NGS Income account open, you can apply for a separate NGS Accumulation account online.
Money when you need it
If you don't need a regular income from an NGS Income account yet, you can keep your money in your NGS Accumulation account for as long as you like. Being retired, you'll have access to your money when you want it — all you'll need to do is complete a Request for withdrawal form. This way, your super balance won't be eroded by income payments that you may have no use for.
It's important to remember that money in an accumulation account is still subject to 15% tax on earnings, compared to no tax in an income account environment. For more information, read our Fees, costs and tax guide.
Accessing your super in retirement
Retirement is an opportunity to focus on doing the things you love. You've been working hard and saving your super for precisely this time of your life — so, here's how to make the most of it.
Super and the age pension
Even if you have super, you may be eligible for at least a part age pension from the government. It's worth looking into as part of your retirement plan.
Learn with NGS MoneyCoach
Retirement basics
The decision to retire permanently largely depends on whether you have the financial resources available to see you through the rest of your life.
Find out moreFunding retirement
You know where your income is coming from today but do you know where it will come from in retirement?
Find out moreIncome streams
We are spending longer periods of time in retirement and circumstances can change over time. This makes planning for your retirement more difficult.
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