You can get your super when you retire and reach your ‘preservation age’ — between 55 and 60, depending on when you were born.
There are special circumstances where you can access your super early.
When you can get your super
You can get your super when you reach your ‘preservation age’. Your preservation age depends on when you were born.
- Before 1 July 1960 – 55
- 1 July 1960 — 30 June 1961 – 56
- 1 July 1961 — 30 June 1962 – 57
- 1 July 1962 — 30 June 1963 – 58
- 1 July 1963 — 30 June 1964 – 59
- After 1 July 1964 – 60
If you haven’t permanently retired
If you have reached your preservation age but haven’t permanently retired, you can still access part of your super via a transition to retirement pension.
If you’re in a defined benefit fund
You may be able to access a defined benefit pension from age 55, regardless of when you were born. Check with your fund. Eligibility requirements are different for each fund.
Getting your super early
In some circumstances, you can access your super before you reach your preservation age:
- Incapacity — if you’re unable to work or need to work fewer hours because of a medical condition.
- Severe financial hardship — if you can’t meet your living expenses and have been receiving Commonwealth benefits for 26 weeks.
- Compassionate grounds — to pay for unpaid expenses. These could include medical treatment, modifying your home or vehicle because of a severe disability, funeral expenses, or a loan repayment to prevent you losing your home.
- Terminal medical condition — if you have a terminal illness or injury.
If you need to access your super for any of these reasons, a financial counsellor can help with:
- understanding your options
- how to apply
- other expenses you’re struggling to manage, such as housing and bills
See early access to your super on the Australian Taxation Office (ATO) website for more information.
There are heavy penalties for breaking the rules around accessing your super early.
Using super to buy your first home
If you’re buying your first home, you may be able to access super contributions under the First Home Super Saver Scheme (FHSSS).
The scheme allows you to make voluntary super contributions to your super account to save for your first home. You can then apply to access those contributions and their earnings to buy your first home.
Eligibility criteria and savings limits apply.
When all feels overcomplicated, you can always hire a specialist. Our team of financial advisers and accountants will be happy to sort everything out for you. Contact us today.
Information source www.moneysmart.gov.au
