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Those who have been making contributions to their super funds may have these lingering questions in mind: When can I access my super, and can I access my super early? What if I need my super now for personal reasons?
In Australia, you can only access your super fund when you reach the preservation age, which starts at 55 years old, or during retirement. The preservation age is concurrent to your birth date; from July 1960 for people at 55 years of age until June 1964 onwards for those at 60 years old.
However, there are certain circumstances in which an early access to your superannuation can be granted, provided that you have met the eligibility requirements and Centrelink has approved your application.
As stated above, there are two specific events when you can access your superannuation fund - when you turn 55 years old or if you are retiring from the workforce.
However, there are reasons or grounds that allow you to access your super fund earlier than the preservation age or retirement and you must meet the specific eligibility criteria to be have your application approved. These grounds include:
This is to stop the sale of your house, or to pay medical, disability, or funeral expenses.
Your Birth Date | Preservation Age |
---|---|
Before July 1960 | 55 |
July 1960 – June1961 | 56 |
July 1961 – June 1962 | 57 |
July 1962 – June 1963 | 58 |
July 1963 – June 1964 | 59 |
After June 1964 | 60 |
To determine whether or not you should get an early release f your super, it is worthwhile to consider the advantages and disadvantages of doing so.
When looking at things on a short-term basis, getting your super fund early may seem beneficial. However, extra caution should be taken before making that big decision. Be sure to explore other possible areas how you can solve any financial problems before getting your super early.
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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?
Hi Kent,
Thanks for your comment and I hope you are doing well.
Sorry to hear you are about to lose your job. 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/stop working. As it says on this page 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
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.
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
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
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 include 1. Specified compassionate grounds; 2. Severe financial Hardship; 3. Temporary residents; 4. Retirement; 5. Balance is less than $200; 6. Changed status of employment; and 7. Permanent disability and death. Each of this ground is explained in detail above.
You may also want to check the guide on this page about accessing your super early, which you might find useful.
I hope this helps.
Cheers,
May
I want to pay for my dads funeral from my super fund care super as I’m going through hard ship
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.
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?
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
Hi, I’m turning 60 at the end of the year.
Because of failing health I took a voluntary redundancy 2 years ago and moved overseas for a better life, whilst I still had some health.
I’m wanting to get my super as soon as I turn 60 I believe Tax free.
I have been living on my savings and they are running real low.
I can not afford any type of lifestyle in Australia compared to where I am.
Is waiting till 60 the best option and how long would it take for me to access my money then.
I’d love to get my hands on $20k now but I don’t think that’s feasible.
Hi John,
Thank you for getting in touch with finder.
You can access your super when you reach your ‘preservation age’. This is the minimum age, set by law, that your super must be ‘preserved’ until. Your preservation age is currently between 55 and 60, depending on when you were born.
When you reach preservation age, you can access your super as long as you are permanently retired (or reached age 65). If you haven’t permanently retired, you can still access part of your super via a transition to retirement pension.
For more info on how you can cash in your super, please check out this link.
I hope this helps.
Have a great day!
Cheers,
Jeni
I am wondering if I can access my super early to buy a car I am 57 on salary .
Hi Jen,
Thank you for your inquiry.
There are two specific events when you can access your superannuation fund – when you turn 55 years old or if you are retiring from the workforce. As per checking you are at the right page please check further information provided above.
I hope this information has helped.
Cheers,
Harold
I am now 57 I have a few different supers can I redraw early for health reasons I may have to retire early so how much can I take and what tax is involved I want to pay off home so I don’t lose what I’ve worked for ?
Hi Gary,
Thanks for reaching out. Compassionate medical reason is one of the valid grounds for the early release of superannuation. You or the dependent must have: a life-threatening injury or illness, acute or chronic pain or acute or chronic mental illness. The Australian Government Department of Human Services (DHS) will review the application and releasing of funds and they recommend talking to an independent financial advisor before you apply for early release of super. You may refer to this page for the instructions on how to apply.
As for how tax applies to your super withdrawal, you may check ATO’s guidelines here.
Cheers,
Liezl