How to access super early
Superannuation is designed to support you in retirement, but there are some situations where you can access your super early to help with urgent and essential needs.
Other ways you can use your super before you retire
FAQ
Super is usually only available once you are over 60 and retire or turn 65. But you might be able to access if you:
- experience severe financial hardship
- need additional support on compassionate grounds, like for medical treatment
- have a terminal illness or permanent incapacity
- are a former temporary resident leaving Australia.
You might be able to if you’re experiencing severe financial hardship or on compassionate grounds. For example, you might be eligible if you’re at risk of losing your home. Depending on your situation, you’ll need to provide evidence and apply through Aware Super or the ATO.
Taking money out of your super early means you’ll have less when you retire. It also impacts your ability to build compound interest on that money over time, reducing your balance potential.
It could also reduce (or cancel) your insurance cover if your balance drops too low to pay premiums. Another thing to remember is that tax can apply depending on why you’re withdrawing super.
The timeframe depends on the type of application and where you make it. At Aware Super, we aim for to process your application about five to 10 business days after you’ve submitted all the relevant documents. If you make an application through the ATO, then it can take up to 28 days.
