Most people want to know when they can withdraw their super. And some people want to know if they can get their super released early. In this article, we explain when and how you can access your super (and the Age Pension) and what else you need to consider for a comfortable retirement1.
When can I get my super?
You can access your super:
Can I get my super early?
Yes, you can access your super before your preservation age, but only in certain circumstances.
- Incapacity – you must be permanently or temporarily disabled.
- Severe financial hardship – if you have received Commonwealth benefits for 26 continuous weeks and can’t meet your living expenses.
- Compassionate grounds – if you need to pay for medical bills when you are seriously ill.
- Terminal medical condition – if you have been diagnosed by two medical practitioners with a terminal illness or injury that is likely to result in your death within 24 months2.
If you want to know more about how you can access your super in special circumstances check out the early release of superannuation section at Centrelink.
What is preservation age?
This is the age at which you’re able to access your super. It ranges from age 55 to 60,depending on when you were born.
|Date of birth
|Before 1 July 1960
|1 July 1960 – 30 June 1961
|1 July 1961 – 30 June 1962
|1 July 1962 – 30 June 1963
|1 July 1963 – 30 June 1964
|From 1 July 1964
Transition to retirement strategies
Another way to get access to your super is through a transition to retirement (TtR) strategy.
If you’re not ready to give up work yet, but you still want to save for your retirement, you have two choices. You can use a TTR strategy to either:
- Reduce your hours at work, receive the same amount of pay and increase your super, or
- Keep working the same hours, contribute more to your super through salary sacrifice, and supplement your income with a TtR pension.
Find out more about how you can access your super through transition to retirement strategies.