I am struggling financially; with mortgage and bills, there’s not much left after paying them to live for a fortnight. I am a 61-year-old single female and work permanent part-time. I was doing extra shifts to help out, but haven’t been able to lately.

I have a very good superannuation amount for a female and was wanting to apply for superannuation to help pay off the mortgage, some required house maintenance, and to pay off a debt of approximately $350,000.

I don’t want to retire or change any other contributions.

How will this affect my future super tax and annual income tax?

Given your age, over 60, you can start a “transition to retirement pension”.

It’s called that because it was originally introduced for those wanting to go from full-time work to part-time work and who needed a top up of income from their super. However, there is no requirement to change your work status.

Anyone who has reached at least age 60 can start one of these types of pensions. You then have the option of drawing between 4 and 10 per cent of your account balance for the financial year.

If you have a strong super balance, this could be a good option.

Ensure........

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