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If you’re looking to retire then you’ll want to know when you can access your super. There are a number of options available, so let’s explore them further.
Key points:
- You may access your super when you reach your preservation age.
- You may still be able to do some work and earn after you retire.
- You can get early access to your super, but only in certain cases.
Your super is money you’ve saved and set aside during your working life to help fund you in your retirement. It’s usually made up of your employer contributions and maybe some contributions of your own, invested in a super fund.
To gain access to that money you usually have to meet one of the conditions of release for your super money.
What are the conditions of release for my super?
If you’re looking to get access to your super money then one of the conditions of release is that you’ve reached your preservation age, which has been pushing towards 60 in recent years.
The Australian Taxation Office (ATO) says your preservation age is determined by your date of birth, which – as you can see from the table below – will be 60 for everybody once we reach July 1 2024.
Your preservation age
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| 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 |
Source: Australian Taxation Office
Note, the ATO says your preservation age is not the same as your pension age, which is the age you may be entitled to access the Australian Government’s Age Pension payments.
If you’ve reached your preservation age then there are a number of other conditions of release you may need to meet before you can access your super money.
I’ve reached my preservation age: can I access my super?
If you’ve reached your preservation age and you’ve retired from work then the ATO says you can access your super. The key thing here is that you must have retired.
If you want to continue working then you need to explore other options such as a transition to retirement (TTR) strategy, where you access part of your super money and continue to work reduced hours.
There may be other options available to you if you’re 55 or older, or 60 and older and still want to take on some paid work. You might want to talk to your super fund to see what options might be available, tou upi, and some independent financial advice may also help.
Once you reach 65 then the ATO says you can access your super whether or not you’ve retired.
If you’re in a defined benefit fund then different rules may apply and the Australian Government’s Moneysmart website says you may be able access your money from age 55, regardless of when you were born. Again, check with your fund.
Can I get early access to my super?
You may be able to get access to your super early, before you reach your preservation age and meet your conditions of release.
The ATO says you may be able to withdraw some of your super on compassionate grounds, but only if you have no other means of paying for certain expenses. It also warns that you may have to pay tax on any money withdrawn from your super.
You might want to check with your super fund to see what you may be able to access, and you might want to consider seeking some independent financial advice.
If you’re experiencing some financial hardship then there may be other options available to you, including some free financial advice.
Explore further: Can I access my super before I retire?
This content was reviewed by Deputy Editor, Canstar Amanda Horswill as part of our fact-checking process.
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