Retiring at 60 in Australia: The Rule Everyone Hits — and the Trap If You Work for Yourself

Turning 60 doesn't unlock your super. Not on its own. For full access, something usually has to end - and if you work for yourself, there's no boss to resign from. Here are the main ways into your super from 60, what each one unlocks, the ten-hour line that decides one of them, and the trap if you run your own business. Free download: The Australian Retirement Readiness Checklist – 48 things to check before you stop working: https://aussiewealthwithemma.com.au Subscribe to get all the latest videos and information: https://www.youtube.com/@aussiewealthwithemma?sub_confirmation=1 TIMESTAMPS 0:00 Turning 60 doesn't unlock your super 0:58 Preservation age: 60 gets you to the door 1:29 Way 1: a job ends once you're 60 2:03 Way 2: the ten-hour line 2:52 Ways 3 and 4: transition to retirement, and turning 65 3:23 All four ways on one card 3:37 Unlocking, tax and Centrelink 4:15 The trap if you work for yourself 5:22 The Tax Office example 6:36 Worked example: Greg 7:56 The second trap: claiming your own contributions 8:51 If your plans change 9:46 In one breath WHAT'S IN THIS ONE (rules as at October 2026) - Preservation age is 60 for anyone born from 1 July 1964 - but reaching it doesn't unlock your super on its own; you also need a condition of release - Way 1: a job ends once you're 60 - everything you'd built up to that day unlocks, even if you start another job; anything that builds up after that stays locked until your next trigger - Way 2: a job ended before you turned 60 - your fund must also be satisfied you intend never again to work 10 hours a week or more for pay or other reward (10 hours is where "part-time" starts in the rules); cutting your hours in the same job isn't a job ending - Way 3: a transition to retirement pension from 60 - keep working and draw an income (a minimum, usually 4% a year, and a cap of 10%); lump sums only in limited cases; funds don't have to offer one - Way 4: turning 65 - everything unlocks, working or not - Before Age Pension age, Centrelink doesn't count super sitting in your fund unless it's paying you a pension - but a super pension, including a transition to retirement pension, is counted, and so is money you take out and put in the bank - Working for yourself still counts as work in the super rules - the rules don't spell out what "ending" means for a business; super specialists say the whole business is one arrangement, so finishing with one client may not end it - The Tax Office's own example of a man who left his job in a family-trust business but kept doing much the same work - and why it couldn't be certain he'd retired - Greg, 61, a self-employed plumber: why two days a week rules out the first two ways, what a transition to retirement pension could pay, and what selling or winding up the business would do - The second trap: if you claim a tax deduction for your own super contributions, the notice of intent has to go in before a pension starts using that money - and be acknowledged before you claim - Changing your mind later, untrue declarations, and SMSF trustees THE EXAMPLES ARE ILLUSTRATIVE: Greg is a 61-year-old sole trader with $400,000 in super, all of it in a taxed fund, who wants to work two full days a week; his transition to retirement figures assume the whole balance starts the pension and that his fund offers one. The Tax Office example is its published SMSF case study (2016), described in the video as published. This video covers the standard rules for people turning 60 from 1 July 2024 (born from 1 July 1964); serious illness, defined benefit funds and businesses run through a company or family trust can work differently - check the details with your fund. Related videos: https://www.youtube.com/watch?v=XQgdr7AFaLs https://www.youtube.com/watch?v=aNQFohxtaTk https://www.youtube.com/watch?v=We8Q0eYypVE https://www.youtube.com/watch?v=rc1KHxM1ULM GENERAL ADVICE DISCLAIMER This video is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal financial advice. Whether you meet a condition of release depends on your own circumstances and your fund's rules - check with your super fund, the ATO or a licensed financial adviser before acting. A note on how this is made: Every script starts with real research and is checked against current ATO and Services Australia figures - that part isn't automated. AI tools produce the narration and visuals. I write, verify, and stand behind every word. Thanks for being here. #AussieWealth #Superannuation #RetirementAustralia #RetireAt60 #SelfEmployed #TransitionToRetirement #SuperAccess #RetirementPlanning