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:
- Your preservation age is 60 years old. It is the age at which you can access your super if you’ve retired or have met certain conditions around your work status (see below)
- You can withdraw your super if you’re
- 65 years or over, whether you keep working or not
- Between 60 and 64, and
- permanently retire, or
- change employers or temporarily stop working
- Between 60 and 64 and start a transition to retirement account, while you continue to work.
- You may be able to access your super early under special circumstances like financial hardship or compassionate grounds.
- Your preservation age is different to your eligibility age for the Government Age Pension, (which is 67 years).
Your age and your work status determine when you can withdraw your super.
Your age: The earliest age you can withdraw your super is known as your ‘preservation age’. That age is 60 years old.
Your work status: If you have reached 60 (but not yet 65), you can access your super if you:
- retire
- change employers or temporarily cease employment. Any contributions you receive from a new employer or when you start work again will be preserved.
- are still working but want to start a transition to retirement account (Retirement Transition). Learn more about transition to retirement accounts.
Once you turn 65, you can withdraw your super, whether you are working or not.
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, your investment earnings are still taxed at 15% with this option.
1 From age 60 and over, no tax is payable on withdrawals from your super in retirement.
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 save on tax.
To make a withdrawal, log in to your Member Online account. Choose from one of the two options below:
Choose the Super Lump Sum Withdrawal. Use this online form if you’re withdrawing from your super account.
Choose the Retirement Lump Sum withdrawal. Use this online form if you’re making extra withdrawals from your retirement account. This is on top of your regular income payments. This may impact your Centrelink benefits. If you have questions about how this could impact you, check with Centrelink or your adviser, if you have one.
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:
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.
Find out more about the Government Age Pension
You may be eligible for the Government Age Pension when you retire to help fund your life in retirement.