When you signed up did they go through the rules about retirement access? A retirement fund is like a glass display that can’t be touched. It is designed for retirement and often the contract is bound in such a way that you can’t use it for much else.
The first thing to look at is the rules on the contract. The investment house sets some rules. The state and tax department sets others. Look at the retirement age on the contract. When signing the contract you may be offered an early or late retirement option. Make sure that you are comfortable with this date as trying to access your funds before will cost you penalties.
Retirement ages around the globe differ and the rules regarding cashing out a retirement contract differ too. Many retirement contracts are not flexible. One way of accessing retirement savings is through being retired for medical reasons. We will discuss this in Medical Retirement.
Most retirement funds are not open to claims from creditors. Be careful of this as laws do change and there is no telling if this will always be true. You can’t use them as security nor cede them. Divorce is different and depends on the marriage contract. A divorcing spouse may have a claim against a retirement fund.
Emigration may allow you access to you retirement savings. This depends on the country you with to emigrate from. It is important to know if they will allow you to withdraw a lump sum or if you have to transfer it to a fund held by an investment firm in another country.
Retirement savings must be managed properly. Consult with an advisor regularly and track your savings. Do not ignore retirement savings. Know the company you have invested with; the fund your money is in and the advisor you are dealing through. Ensure that your advisor is licensed with your financial governing body. Note that this is a discussion on retirement access and not financial advice.
Reference for: Talking About Retirement Access