Accessing Super

When Can I Access Superannuation in Australia?

Your superannuation is a long-term savings scheme that's designed to help you retire comfortably. However, there are some circumstances where you may be able to withdraw your super early.

Preservation age

The age at which you can access your superannuation is called your preservation age. This is usually between 55 and 60, depending on your year of birth.

Retirement

You can generally withdraw your superannuation when you retire. This means that you've ceased gainful employment, either when you were 60 years old or over, or before you turned 60 years old and you have reached your preservation age.

Transition to retirement

If you're still working but have reached your preservation age, you may be able to start a transition to retirement income stream. This allows you to draw a regular income from your superannuation while continuing to work.

Early access

There are also some limited circumstances where you may be able to access your superannuation early. These include:

• Severe financial hardship

• Terminal illness

• Temporary resident

• Compassionate grounds

How to withdraw your superannuation

To withdraw your superannuation, you'll need to contact your superannuation fund. They will be able to tell you what options are available to you and how to apply.

Tax on superannuation withdrawals

If you withdraw your superannuation before you reach your preservation age and retire, you may have to pay tax on your withdrawals. The amount of tax you pay will depend on your age and whether you have any unused concessional contributions.

Getting help

If you're not sure when you can withdraw your superannuation or how it will be taxed, it's a good idea to talk to a financial advisor. They can help you understand your options and make the best decision for your individual circumstances.

Additional information

The Australian Government has a website called Moneysmart that provides a lot of helpful information about superannuation. You can also find information about superannuation on the website of the Australian Taxation Office.