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You can generally only withdraw your super when you retire. Unless you’re 65 or over there are rules around when you can withdraw your super.
 

Key points:
 
  • The age the Government allows you to withdraw your super is different to the age you can apply for the Government Age Pension, which is 67 years.
  • You can withdraw your super if you’re
  • 65 years or over, whether you keep working or not
  • 60 or over and change employers or temporarily stop working
  • Under 60 and have permanently stopped working, and you’ve met your preservation age.
  • Your preservation age is the age the government allows you to withdraw your super, which changes depending on when you were born.
  • You may be able to access your super early under special circumstances like financial hardship or compassionate grounds.

 

Find out when you can withdraw your super

Your age, when you were born, and your work status determine when you can withdraw your super.

Work out your preservation age using the table below.

 

Work out your preservation age

Scroll table horizontally on mobile

If you were born Your preservation age is
Before 1 July 1960

55

1 July 1960 – 30 June 1961

56

1 July 1961 – 30 June 1962

57

1 July 1962 – 30 June 1963

58

1 July 1963 – 30 June 1964

59

1 July 1964 or later 

60

Why does preservation age change depending on the year you were born?

The Government decides the preservation age rules. Recognising that people are living longer in retirement, it is gradually increasing the preservation age from age 55 to 60. It's designed to encourage Australians to grow larger super balances so they can retire with more money.

 

Withdraw from your Aware Super account

Most of our members who are eligible to withdraw their super open an account-based pension. An account-based pension gives you:

  • a regular tax-free income1 - you can choose how much and how often you get paid 
  • tax-free investment earnings, which help your money last longer
  • the choice to take extra cash payments whenever you like 

You can also keep your super account open and make lump sum withdrawals only. Unlike the account-based pension, you’ll continue to pay 15% tax on investment returns with this option.

If you’re still working but have reached your preservation age, a transition to retirement account could be an option for you. This can be a smart way to pay yourself an income while continuing to work. You could contribute more and also save on tax.

To make a withdrawal you’ll need to complete a form and send it to us. Once we receive your request, we'll check that all the information is correct. It usually takes 3-5 business days for your money to reach your bank account.

 

Do you need early access to your super?

There are some circumstances where you may be able to withdraw your super early. You may be eligible based on:

  • Compassionate grounds
  • Financial hardship
  • Being a foreign resident and leaving Australia

Find out more about early access to super

 

Related information

Where to next?

Explore retirement webinars

Join our experts as they break down super and finances into easy-to-understand topics through our live webinar education series.

Download the retire-ready checklist

There’s a lot to think about and the decisions you make now could change the future you have. Start with the retire-ready checklist.

Download the checklist (PDF), opens in a new window

Find out more about the Government Age Pension

You may be eligible for the Government Age Pension when you to retire to help fund your life in retirement.