Life can throw us curveballs, and sometimes accessing your super early might feel like your only option. If you're finding it tough to cover day-to-day expenses right now, you're not alone. You might be able to withdraw some of your super before retirement if you're experiencing financial hardship.
While the Australian Taxation Office (ATO) sets the eligibility rules, we’re here to help you understand what you need to do in times of financial hardship and how to apply.
The law allows you to access some of your super when you can’t meet everyday living costs due to severe financial hardship.
To access your super early, you need to meet the following conditions:
It also depends on your age.
Step 1: Check your eligibility
Step 2: Get your paperwork together
Collect the following documents:
Step 3: Submit your application online or via post
Step 4: We’ll review your application
You need to meet a few eligibility rules to apply to access your super early due to financial hardship.
All applications must be in your own name as an Aware Super member.
| If you’re under 60 and you: | If you're 60 or over and not retired, you: |
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Before you start your application, make sure you have:
After you submit your application, we’ll review your documents and may contact you if we need anything extra.
Once approved, we aim to pay within 3 to 5 business days to your nominated bank account. Bank processing times may vary.
If you're eligible, we'll automatically waive your insurance premiums for 12 continuous months to help you maintain your cover during this challenging time. Learn more about our insurance premium waiver.
We’ll let you know by email or SMS when your payment is on the way. If you have questions, contact us.
Accessing your super early can help in difficult times, but it’s important to understand the impacts. Taking money out now will reduce your balance and the investment earnings you could build up for retirement.
You should also check any insurance you hold in your super, as low balances or inactivity can affect your cover.
If you don’t meet the hardship rules, you may want to review how you can access super on compassionate grounds as another option.
You can access your super early in certain situations, including:
Otherwise, you’ll need to wait until retirement age to access your balance.
The amount of tax you pay on your super withdrawal depends on your age and how your super is structured.
For up-to-date information and examples, see how your super is taxed.
[AD2] Members can get advice about their Aware Super accounts at no extra cost, or advice on their broader needs for a fee.
