How support and superannuation options helped Lillian balance health and financial security
Lillian, 61, was working four days per week as an office manager at a local real estate agent’s office. She always enjoyed her job, loved a yarn with the team, and had hoped to keep working well into her sixties.
But things took an unexpected turn when Lillian experienced a serious health scare just over a year ago. Previously, she’d been fit and active, rarely needing more than the odd visit to the doctor, but the sudden onset of health issues meant she now had to focus on her wellbeing and attend regular medical appointments.
“I didn’t want to stop working, I love my work, I love connecting with my colleagues,” said Lillian. “I knew that continuing to work would be good for my mental health. But I also knew I couldn’t keep doing four days a week. So, I wasn’t sure what to do.”
With her health now a priority, Lillian had to weigh up how to manage her recovery while still earning enough to cover her day-to-day expenses. She hadn’t really thought much about retirement or superannuation, because she’d planned to keep working for a few more years.
Financial Information Service
Realising she needed help understanding her options, Lillian reached out to a Financial Information Service (FIS) Officer at Services Australia. The officer explained the rules around accessing superannuation for people under 65, and informed Lillian that she wouldn’t be eligible for the age pension until she was 67.
A chat with her super fund
Armed with this information, Lillian called her super fund. The contact centre made an appointment for her with one of their financial advisers. Lillian didn’t want to pay for financial advice, but she discovered that her super fund offers members advice about their super accounts at no additional cost, included as part of their membership.
After speaking with the financial adviser and carefully considering her options, Lillian decided to open a ‘transition to retirement’ (TTR) super account. This allowed her to start withdrawing money from her super while still working, as she was over the preservation age of 60.
Focused on the future
“I’m happy that this was the right decision for me,” said Lillian.
“I’m still working two days a week and getting regular income from my super account to make up the difference.”
“It’s also flexible. I can change the amount of money I take from the super account if I want to. So if I increase my working hours in the future, I can decrease the amount I’m taking from my super account.”
Having access to her super as an extra source of income provided a much-needed sense of security for Lillian.
She is still adjusting to her new routine, which has its challenges, but she’s grateful for the support she received in sorting out her finances.
The case studies on this website are provided for illustrative and educational purposes only, they are general information. You should seek advice from a suitably qualified professional regarding your own circumstances.