Accessing your super¶

Super is money set aside for your retirement, so the rules keep it locked away until you reach that stage of life. In most cases you can access your super once you reach a set age and stop working, or once you turn 65.

This lesson explains, in plain terms, when super generally becomes available and where to go for the official detail.

Why this matters¶

Super is often a large part of retirement savings, so people naturally want to know when they can use it. Knowing the general rules helps you plan, and helps you avoid schemes that wrongly promise early access to your super.

What you will learn¶

• When super can generally be accessed
• What a condition of release means
• Where to get official information and advice

Understanding the concept¶

Because super is meant for retirement, it is preserved — meaning it is kept in your fund until you meet a rule that lets you take it out. That rule is called a condition of release.

The most common conditions of release relate to your age and whether you have retired:

• Your preservation age plus retirement. Your preservation age is the minimum age at which you can normally start to access your preserved super. It depends on when you were born. For people born on or after 1 July 1964, the preservation age is 60. Reaching your preservation age and retiring is a common way to meet a condition of release.
• Turning 65. The ATO explains that once you reach 65 you can access your super at any time, whether or not you have retired.

Once you meet a condition of release, you can generally take your super as a lump sum, as a regular income stream, or a mix of both. The right choice depends on your situation, which is why it is worth getting advice.

There are also special circumstances in which the government allows a limited amount of super to be released early — for example, on certain compassionate or hardship grounds. The rules are strict and specific. This lesson does not set them out; if you think you may be affected, check the eligibility rules on the ATO website and consider getting advice before you act.

Example¶

Tom is planning his retirement. He checks his date of birth and finds that his preservation age is 60. When he reaches that age and stops working, he meets a condition of release, so he can start to access his super.

His friend Aisha keeps working past 65. Because she has turned 65, she can access her super at any time, even though she has not retired. Both of them decide to speak to a licensed adviser about the best way to draw their super — as a lump sum, an income stream, or a mix.

Common misunderstandings¶

• Thinking you can withdraw super whenever you like. Super is preserved until you meet a condition of release.
• Assuming everyone's preservation age is the same. It depends on when you were born.
• Believing early access is easy. It is limited to specific special circumstances set by the government, with strict rules.
• Trusting anyone who offers to unlock your super early for a fee. Check the official ATO rules first, and be cautious of schemes.

How this works in myaccountant¶

Key points¶

• Super is preserved — kept in your fund until you meet a condition of release.
• The common conditions of release are reaching your preservation age and retiring, or turning 65.
• Your preservation age depends on when you were born; it is 60 for anyone born on or after 1 July 1964.
• At 65 you can access your super whether or not you have retired.
• Limited early access exists only in special circumstances set by the government.
• Check the ATO and Moneysmart for the detail, and get advice for your situation.

Learn next¶

• How super grows over time
• Understanding your super account
• Why superannuation is important

General information only — not tax, super or financial advice.