Can I return to work after I’ve retired and accessed my super?
You generally have the flexibility to return to work but it depends on your circumstances and how you accessed your super. If you already accessed your super before turning 65 and previously declared that you never intend to work again, your access to super at the time was conditional on this declaration. It is illegal to access super with a false declaration of intention and this is why it’s important that, at the time of the declaration, you genuinely didn’t have the intention to return to work.
If you are planning to retire or you are already retired and experiencing a change in your circumstances, such as wanting to re-enter the workforce, it may be a good idea to speak to a financial adviser.
Also, before you jump on the jobs board, there are a few things to consider. These include:
- your age,
- when you stopped working,
- financial position,
- whether you're on the Age Pension,
- whether you've reached preservation age, and
- any potential tax implications.
Keep in mind that going back to work may have tax implications and, if you receive the Age Pension, it could impact your pension payment amount (see below). Speak to your tax accountant and/or financial adviser for advice on your personal situation.
If you retired and accessed your super when aged under 60, past preservation age
Generally, members can access their super after they:
- reach their preservation age
- end gainful employment
- declare that they intend to retire permanently.
So if you retired and accessed your super before turning 60, you would have declared that you intend never to return to any gainful employment for 10 hours or more per week.
What is preservation age?
Your preservation age is the earliest age you can access your super. The preservation age that applies to you will depend on your birth year. See the table below to find out what your preservation age is.