When can I access my super?

You can generally access your super once you turn 60 and retire, or once you turn 65 whether you have retired or not. Here's when (and how) you can access your super.

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By

Alison Banney

Updated

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Key takeaways

  • When you turn 65 you can access all of your super, even if you're not retired.
  • To accesss your super before 65 you need to meet a specific condition of release.
  • Once you reach your preservation age of 60 you can access your super if you retire, or start a transition to retirement pension while you keep working.

What is superannuation - and why can't I touch it (yet)?

Superannuation is a fundamental part of the Australian retirement plan. Superannuation savings grow over your working life, thanks to regular contributions from your employer (and you can make your own super contributions, too). Withdrawing from your superannuation account is subject to specific criteria known as "conditions of release" which makes it extremely difficult to access until you're retired (or close to it).

The reason you can't access your super early is because superannuation is designed with the sole purpose of funding your retirement. If you accessed it too early, you potentially wouldn't have the money you need when you're no longer working.

When can I access my super?

In general, you can access your super when you meet a condition of release.

  • Condition 1: You've reached your preservation age (more on this below) and retired
  • Condition 2: You've reached your preservation age and changed your employment in order to start a transition to retirement pension
  • Condition 3: You've turned 65

Note that you only need to meet one of these conditions, not all, to be able to access your super.

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Expert insight

"Understanding when you can access your super is key to achieving financial independence. Planning early—especially for women, who often retire with less—means you'll be better positioned to fund the lifestyle you want later in life."

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Pascale Helyar
Superannuation and wealth expert

Condition 1: Accessing your super at your preservation age

Your preservation age is the age at which you can access super if you have retired. Since 1 July 2024, the birth-year sliding scale that used to set this between 55 and 60 has fully phased in, so your preservation age is 60 no matter when you were born.
You'll need to wait until you're 60 and also retired to access your super this way. Note that if you plan to retire and access your super at this age, your intention to retire must be genuine and your super fund will likely get you to sign a declaration on this.

Is preservation age the same as pension age?

No, preservation age differs from pension age. Preservation age is when you can access your superannuation upon retirement or when transitioning to a retirement pension account.

In contrast, the age pension is a government payment designed to provide income to eligible Australians who may not have sufficient means, like superannuation, to retire comfortably. For people born in 1957 onwards the pension age is 67 years.

FICTIONAL CASE STUDY: Jim has worked as a bricklayer for 30 years and has decided it's time to retire. Now aged 61, Jim has already passed his preservation age of 60. However, because meeting your preservation age on its own isn't a condition of release, he needs to officially retire in order to access his super. Jim logs into his super account online and submits a withdrawal request, notifying his fund of his intention to retire and not work again. His fund assesses his claim and notifies Jim on how much of his super balance he is eligible to access now, prior to turning 65.

Condition 2: Starting a transition to retirement pension

If you've reached your preservation age and want to start accessing your super without having to retire, you can start a transition to retirement (TTR) pension instead.

This involves speaking with your super fund and transferring some of your balance into an account-based pension that you can access. The rest of your balance stays in your super fund.

Pros and cons of a transition to retirement pension

Pros

  • Keep working. You can access part of your super without having to retire completely.
  • Reduce your hours. You don't need to remain full time, you can reduce your hours or work part time and start a TTR pension.
  • Super remains invested. The majority of your super will remain invested in your super fund, so it will continue to grow.
  • Supplement your income. It can allow you to reduce your hours if you want to work less, but don't want to retire.

Cons

  • Limits apply. There is a limit to how much of your super you can access via a TTR pension each year.
  • Minimum payments. There is also a minimum amount you need to access from your super each year, which may be more than you'd like to withdraw.
  • Reduce your balance. The sooner you access your super money, the sooner it will run out.

Condition 3: Accessing your super at age 65+

Once you turn 65 you can access your super without needing to retire (although you can if you want to!). This is because turning 65 is a condition of release in itself - you only need to retire if you're planning to access your super before you turn 65.

You have the choice of receiving your super as one lump sum payout, or setting up an account-based pension and receiving a portion of your balance each year like a salary.

How can you access your super early?

If you don't meet one of the above 3 conditions of release, it's very difficult to access your super. However, there are some situations when you can be grated early release of your super. These grounds are very limited and include:

On compassionate grounds

You can make a claim for an early superannuation release on one or more of the following compassionate grounds:

  • Maor medical treatment
  • Mortgage assistance in cases of severe financial hardship
  • Home or motor vehicle modifications in the event of a disability
  • Palliative care
  • Funeral assistance

Severe financial hardship

If you're under your preservation age, you can apply on severe financial hardship grounds if you've received eligible government income support payments for a continuous 26 weeks and can't meet reasonable and immediate family living expenses. You can withdraw between $1,000 and $10,000 once every 12 months. If you've reached your preservation age plus 39 weeks, there's no dollar limit provided you've received income support for a cumulative 39 weeks since then and weren't working when you applied. Apply directly to your super fund - the ATO doesn't process these requests.

Permanent disability and death

Death and permanent incapacity can also allow you access; provided that you have complete medical proof that you will be unable to work again.

Here's when you can't access your super early

As mentioned above, you can only access your super early in very limited and extreme circumstances. You can't access your super early to:

  • Buy a car
  • Fund a home rennovation
  • Pay off general debt
  • Pay rent or mortgage payments
  • Travel overseas
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Our expert says

"Be cautious with any businesses or schemes that promise to help you get access to your super early. These could be promoted to you via social media, email or even in person by someone claiming to be a financial advisor. These are most often scams, and will charge you a fee without ever providing you access to your super. If you're ever unsure, it's always best to speak with your super fund directly."

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Editorial Manager, Money

How to access your super when eligible

Once you've met a condition of release and are eligible to access your super, here's how to get it:

  1. Decide how to access it. Choose if you want to start an account-based pension or make one big lump sum withdrawal (or a few big lump sum withdrawals).
  2. Submit a request. If you want to withdraw your super, log into your super account online and submit a transaction request. Once approved, you should be able to complete your withdrawal in just a few business days.
  3. Open an account-based pension. If you want to start an account based pension, open the account online by completing the online application form. You don't need to choose the account-based pension offered by your current super fund, but you might find it easier to do so. You can then submit a transaction request from your super fund.

Frequently Asked Questions

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Written by

Editorial Manager, Money
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Alison is an editor at Finder and a personal finance journalist with over 10 years of experience, having contributed to major financial institutions and publications such as Westpac, Money Magazine, and Yahoo Finance. She is frequently quoted in media outlets like SmartCompany and SBS, offering expert insights on superannuation and money management. Alison holds a Bachelor of Communications in Public Relations and Journalism from the University of Newcastle, and has earned three ASIC RG146 certifications in superannuation, securities and managed investments and general financial advice, ensuring her expertise is fully aligned with ASIC standards. See full bio

Alison's expertise
Alison has written 592 Finder guides across topics including:
  • Superannuation
  • Savings accounts, bank accounts and term deposits
  • Budgeting and money-saving hacks
  • Managing the cost of living
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16 Responses

    Kent's avatar
    KentFebruary 20, 2020

    I am about to loose my job, I am 56 years of age, born November 1963, I will be getting a package, that should last me until I get to my Super Preservation age of 59, I don’t entend to get another job – can I access my full fund at this time or only a proportion of it?

      Nikki Angco's avatar
      NikkiFebruary 21, 2020

      Hi Kent,

      Thanks for your comment and I hope you are doing well.

      As you are 56 years of age, this is a year over the preservation age of 55. This means you can access your superannuation fund when you are about to retire or stops working. According to our review, the most common conditions of release that allow you to access super benefits early are:

      Reaching your preservation age and retiring
      Reaching your preservation age and starting a transition to retirement pension while continuing to work
      Reaching 65 years of age (even if you have not retired)
      Being aged 60 to 64 years and ceasing an employment arrangement.
      Passing away (in this case, your super death benefits will go to your nominated beneficiaries)

      Contact your superfund to know the full process of accessing your super. Should you have further questions, please feel free to message back anytime.

      Best,
      Nikki

    Carol's avatar
    CarolJuly 19, 2019

    Hello. I am 62 years old nearly 63. I am going to retire at the end of this year. I would like to take a lump sum as I have reached my preservation age, will this be possible.

      Nikki Angco's avatar
      NikkiJuly 20, 2019

      Hi Carol,

      Thanks for your question. You can very well receive your super as a super income stream, super lump sum or a combination of both. Check with your fund to find out what options are available to you.

      The super withdrawal option that you choose may affect the amount of tax you pay and the amount of money you have for your retirement so check this with the Australian Taxation Office as well.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

    Stuart's avatar
    StuartDecember 12, 2018

    Hi I’m 58 years old and still working, I don’t make any contributions myself
    I need a fair bit of work done on my teeth am I able too take some of the funds from my super account

      May's avatarFinder
      MayDecember 18, 2018Finder

      Hi Stuart,

      Thanks for your question.

      I understand that you’d want to get access to your super funds. Generally, you can access your super when you reach the preservation age (which starts at 55 years old) or during retirement. However, these are not the only requirements, but you also need to meet specific eligibility criteria so you’ll be approved. The grounds you’d need to be mindful of includes:

      1. Specified compassionate grounds;
      2. Severe financial Hardship;
      3. Temporary residents;
      4. Retirement;
      5. Balance is less than $200;
      6. Changed status of employment;
      7. Permanent disability and death.

      Each of this ground is explained in detail above.

      You may also want to check the guide about accessing your super early, which you might find useful.

      I hope this helps.

      Cheers,
      May

    Bianca Pitt's avatar
    BiancaJuly 24, 2018

    I want to pay for my dads funeral from my super fund care super as I’m going through hard ship

      Nikki Angco's avatar
      NikkiJuly 24, 2018

      Hi Bianca!

      Thanks for your message.

      Sorry to hear about your Dad’s funeral.

      Generally, you can use your savings from your Superfund after the age of 55.

    Travis's avatar
    TravisJune 2, 2018

    Is there any way I can transfer approximately $40,000 from a super industry account to a smsf and then use that money to invest in anything I choose?

      Jeni's avatarFinder
      JeniJune 3, 2018Finder

      Hi Travis,

      Thank you for getting in touch with finder.

      Basically, you just have to complete the rollover initiation request form to transfer whole balance of superannuation benefits to your self-managed super fund. Since you mentioned a certain amount to transfer, I suggest that you visit Australian Securities and Investments Commission website at http://www.moneysmart.gov.au or the ATO website at http://www.ato.gov.au/super. regarding this matter or simply phone the ATO on 13 10 20.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

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