Accessing Your Super: The Golden Rules 🔑
Superannuation is designed to help fund your retirement, so the government has strict rules about when and how you can access it. You can’t simply withdraw your super whenever you like — it’s preserved until certain conditions are met.
To access your super in full, you generally need to satisfy two key requirements:
- You have reached your preservation age; and
- You have met a condition of release, such as retirement.
This guide provides general information only and should not be taken as financial advice. Everyone’s situation is different, so consider seeking professional advice before making decisions about your super.
Understanding Your Preservation Age
Your preservation age is the minimum age you must reach before you can access your super. It’s not the same as your Age Pension age (which is currently between 65 and 67, depending on when you were born).
Your preservation age is based on your date of birth, as shown below:
| Date of Birth | Preservation Age |
|---|---|
| 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 |
| From 1 July 1964 | 60 |
If you were born on or after 1 July 1964, your preservation age is 60.
Meeting a Condition of Release
Reaching your preservation age is only the first step. You also need to meet a condition of release to actually withdraw your super. The most common conditions include:
-
Retirement:
You’ve reached your preservation age and have stopped working with no intention to return to employment for more than 10 hours per week. -
Turning 65:
Once you turn 65, you can access your super even if you’re still working. -
Transition to Retirement (TTR):
If you’ve reached your preservation age but haven’t fully retired, you can start drawing a TTR income stream while continuing to work. This can be a strategy to reduce working hours or boost your income before retirement.
Early Access to Super (Special Circumstances)
In limited situations, you may be able to access part of your super before reaching preservation age. These include:
- Severe financial hardship: If you’ve been on income support for a continuous period (typically 26 weeks) and cannot meet immediate living expenses.
- Compassionate grounds: For specific needs such as medical treatment, palliative care, or preventing foreclosure on your home.
- Terminal medical condition: If you have a terminal illness certified by two registered medical practitioners.
- Permanent incapacity: If you are permanently unable to work due to physical or mental ill health.
- Temporary residents leaving Australia: Certain visa holders may be eligible for a Departing Australia Superannuation Payment (DASP).
Each of these circumstances has strict eligibility rules and usually requires approval from your super fund or the Australian Taxation Office (ATO).
Key Takeaway
Accessing your super is a major financial decision. The system is designed to protect your retirement savings, so make sure you understand the rules and your options before taking action.
For more detail, visit the ATO’s official superannuation guidance or speak with a licensed financial adviser.
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