Life happens. And it doesn’t always go the way you were hoping. If you need to retire early due to redundancy, injury, health issues or to care for a loved-one, you may be feeling mixed emotions. However, there are things you can do to ease the burden financially – and we’re here to help. Our team of qualified experts can guide you through your early step into retirement.AD1
There’s a few things you can look at and prepare, so you can feel more confident with an early retirement. We’re here to help.
Our Learn Hub offers easy-to-understand information and expert advice.
With our tools and calculators, you can get an idea of how an early retirement might look for you.
Having your insurance through your super can help ensure you’re covered when life doesn’t go to plan due to illness or injury.
Your well-being matters in retirement - especially your mental and physical health. We're here to help
Knowing how to handle your super to support an early retirement can give you the confidence to set yourself up for success. Through our Learn Hub, you can access expert insights and information with articles, videos and webinars on topics such as understanding super, managing finances during redundancy or early retirement, and planning for the future. If you need a more hands-on approach, you can speak to one of our retirement experts to walk you through the best options for your personal needs.
To help give you a projection of how an early retirement might look for you, we’ve got the tools and calculators to help you understand your financial position. Retirement income calculators like My Retirement Planner, superannuation consolidation tools and budgeting tools can give you an indication of what you can realistically achieve and expect.
Many Aware Super members have insurance included with their super, but not everyone realises it. Depending on the level of cover you hold, you could be eligible for benefit payments if you’re unable to work due to illness or injury, through Income Protection or Total and Permanent Disablement cover. This could help cover important costs like your mortgage, bills, or everyday living expenses when you need it most. Even if you're not working or receiving super contributions, you may still be covered for up to 16 months. It’s worth checking what cover you have.
An early retirement is not just about the financials, but it’s about continuing to enjoy your life to the fullest. It’s important to eat well, stay physically active, and keep your mind engaged. That’s why Aware Super members can access a range of expert-led programs, at no extra cost, covering nutrition, fitness, mental health, and menopause support. These resources are designed to help you live well as you transition into retirement and beyond.
If you are made redundant, you can’t make a claim using your Income protection insurance. This cover only provides a percentage of your salary (can be up to 87%,* depending on your premium) if you become disabled or ill, and is only valid for a certain amount of time (based on the premium you pay). Due life’s changing nature, it’s worth checking your insurance to make sure you’re suitably covered – so you’re not under or over-insured.
* A maximum cover limit of $40,000 per month applies. Any amount paid above 75% is paid into your super account as a superannuation contribution.
To access your super, you need to Open a Retirement Transition account or a Retirement Income account:
Retirement Transition account:
And just so you know before you apply, you can’t withdraw more than 10% of your account balance each year.
You can open a Retirement Income account online with a $20,000 minimum deposit. There is a transfer maximum, which is currently $1.9 million, increasing to $2 million from 1 July 2025.
There are no maximum withdrawals. However, there is a minimum annual income payment percentage set by the government, based on your age.
* Retirement income and investment earnings are not guaranteed. Payments will cease once the account balance is depleted
In special circumstances, you might be able to access your super early on compassionate grounds for things like:
Conditions for accessing your super early
Consolidate your super / find lost super:
If you have more than one super account, you could be paying multiple fees. So make sure you consolidate your super into one account.[C1] Also, if you’ve had multiple jobs, you may have forgotten about some super accounts that were opened on your behalf. Don’t worry – you can find your lost super.
Is my super account still active if it’s not receiving contributions?
Your account remains active with Aware Super even if you’re not working. However, if your account balance is below $6,000 and there hasn’t been any activity for 16 months, your balance is transferred to the Australian Taxation Office (ATO) for safe keeping. You can let us know if you want your account to remain active so it isn’t transferred to the ATO. If your super is handed to the ATO, you can claim your lost super.
[AD1] Advice provided by Aware Financial Services Australia Limited (ABN 86 003 742 756, AFSL 238430), wholly owned by Aware Super.
[C1] Before consolidating, consider if this is right for you, including the loss of any insurance cover from your other funds, the impact on your investments, and potential tax implications and read the PDS and TMD at aware.com.au/pds. You may wish to speak with a qualified financial planner before making this decision.
