Super is there to support you in future, but there may be reasons you need to access it sooner.
When you can access your super
Superannuation is designed to help you save for your retirement. As such, strict rules apply to when you can withdraw it. Your super is typically kept in the super system until:
- you reach your ‘preservation age’ and retire
- you reach your preservation age and start a transition to retirement income stream
- you leave paid employment on or after the age of 60
- you’re 65 years old (even if you haven’t retired yet).
Your preservation age
Your preservation age is simply the age at which you’re allowed to withdraw your super – and it can vary depending on when you were born. You’ll find your preservation age in the table below:
| Date of birth | Preservation age |
|---|---|
| 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 |
Claiming your benefit
If you’ve reached your preservation age and you’re ready to claim your super benefit, download our Application for benefit payments or transfer form to get started. (Simply print the form, follow the instructions provided, and send your completed form and certified ID documents to the address shown on the form.)
Early release of your super
You may be able to access your super earlier in special circumstances. For example; if you’re experiencing severe financial hardship, or on compassionate grounds.
COVID-19 and accessing super early
If you’re looking to apply for early release of super as a result of COVID-19, please read the government’s fact sheet, Early access to superannuation. If you’re eligible, you’ll need to apply directly to the Australian Taxation Office through the myGov website at www.my.gov.au.
You can also learn more in our article, COVID-19 and accessing super early.
Other reasons to access your super early
We're here to help
Whether you’re about to retire or want to access your super early, there are a number of factors to consider first – such as how your withdrawal may be taxed, and any impact on the insurance cover you may have through your super. Give us a call and we’ll talk you through it, or we can refer you to one of our financial planners if you need further support.1
1 Financial planning services are provided by our financial planning business, Aware Financial Services Australia Limited, ABN 86 003 742 756 AFSL No. 238430.
