A reader asks about early access to an endowment policy that was switched into a personal retirement savings plan.
is 60, which means that at 55 you are five years away from being able to cash in some of your super to pay off your personal debts.Even looking ahead to your 60th birthday, says de Fries, there’s another hurdle you must overcome to access your super.
If you do continue to work at 60 when you reach your preservation age, says Peter Fry, a principal of Melbourne-based SCM Financial Group, you could start a transition to a retirement income stream which entitles you to withdraw up to 10 per cent of your fund balance tax-free. But that is some time away, and the amount would only partly assist you.
He mentions this because your policy was converted from what sounds like a non-super child advancement policy to a personal super policy in the late 1980s. Alternatively, any correspondence from AMP or Resolution should contain information about your super’s preservation status on the actual statements.Regarding your current financial circumstances, de Fries says if your super can’t help, you’ll need to look for alternative ways to manage your debt.The MoneySmart website run by the Australian Securities and Investments Commission, the corporate regulator, offers some useful tips that start with getting a clear picture of what you owe.
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