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How Can I Access My Super?

There are rules about when you can access your super, and you can also decide how to take it – as a lump sum, a regular pension, or a combination of both.

You can legally access some of your super savings:

  • Once you permanently retire and reach your preservation age. This age is currently between 56 and 60 years of age, depending on when you were born.
  • Once you reach preservation age and want to continue working, if you start a transition-to-retirement (TTR) pension. This allows you to start to take some of your super (between 4 percent and 10 percent of your pension account balance each year) while you keep working.
  • If you have severe financial hardship, and have received Commonwealth benefits for 26 continuous weeks but are still unable to meet immediate living expenses.
  • If you are suffering from a terminal illness or injury, likely to result in death within 2 years. This must be confirmed by a medical practitioner and a specialist.
  • Because of compassionate grounds. For example, to pay for a funeral or palliative care of a dependent, or if your lender threatens to sell your home and you’re responsible for the mortgage.
  • After you are 65. Once you turn 65 you can access all of your super savings, even if you don’t stop working.

Carefully consider whether you need to access your super early.  Seek licensed financial advice if you’re unsure, and check for any specific access rules that your super fund may have. Remember, the more money you access early, the less you’ll have for your retirement years.

Contact us to find out how to make the most of your superannuation.