When can I access my super?

July 5th 2019 | Categories: Superannuation & SMSF |

When can I access my super


Superannuation is generally intended to help fund your retirement, but there are instances where you may also be able to withdraw your super savings early, depending on your situation.

Here is a high-level summary as to when super may be accessible to you.


Understand how your decisions and actions today may affect your financial security tomorrow. Get in touch.

[ninja_form id=37]


When you retire (and have reached your preservation age)

Typically, you can access your super when you’ve reached your preservation age and you retire.

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
From 1 July 1964 60


When you’re transitioning into retirement

If you’ve reached your preservation age, you might wish to access a portion of your super through a transition to retirement income stream while continuing to work full-time, part-time or casually. While this may give you some financial flexibility, there will be things to consider, including that you’ll only be able to access up to 10% of your super savings each financial year.


When you reach age 60 and stop working (but aren’t retiring)

If you’re aged 60 to 64 and stop working, even if you have no intention of retiring completely (for example, you may get another job elsewhere), you’re still considered retired for the purposes of accessing super. This means you can cash out the super you’ve accumulated up until that time even if you begin working again under a different employment arrangement.


When you reach age 65 (even if you haven’t left the workforce)

When you turn 65, you don’t have to retire or satisfy any special conditions to get full access to your super. You’re also not obligated to withdraw it, however, depending on your circumstances, there may be some benefits in doing so.


Other instances where you may be able to access your super

While you generally cannot take your super until retirement, there are some specific circumstances where the law allows you to draw on your super early. These mainly relate to certain medical conditions or severe financial hardship, and you must meet the eligibility criteria to apply.


Compassionate grounds

You may be allowed to withdraw a certain amount of money from your super on compassionate grounds where you don’t have the capacity to meet certain expenses. This may include things like certain medical-related expenses, funeral costs and mortgage repayments that will prevent you from losing your home.


Severe financial hardship

If you’re under preservation age, have been receiving financial support payments from the government for 26 weeks continuously and can’t meet reasonable and immediate family living expenses, you may be able to withdraw between $1,000 and $10,000 from your super. This can only be done once in a 12-month period.

If you’ve already reached your preservation age (plus 39 weeks), have received financial support payments from the government for a cumulative period of 39 weeks since reaching your preservation age, and are not gainfully employed on a full-time or part-time basis, there is no limit on the amount that you may be able to withdraw under severe financial hardship.



If you’re permanently or temporarily unable to work due to a physical or mental medical condition, you may be able to access super as a lump sum or via regular payments over a period of time.


Terminal medical condition

If you’ve been appropriately diagnosed with a terminal illness that’s likely to result in your death within a two-year period, you could apply to access your super and there are no set limits on the amount you can withdraw.


Super benefits less than $200

If you change employers and the balance of your super account is less than $200, or you have lost super that’s being held by a super fund or the Australian Taxation Office (ATO) that’s less than $200, you may be able to withdraw this money.


Leaving Australia

If you’ve worked and earned super while visiting Australia on an eligible temporary visa, you can apply to have this super paid to you as a Departing Australia Superannuation Payment (DASP), but there are requirements and documentation you may need to provide.


What to keep in mind

Depending on how much you have in super, it’s worth considering any implications of withdrawing this money, such as how the money may be taxed, and whether withdrawal may affect Centrelink payments, such as the Age Pension.


Don’t hesitate to seek advice – reach out to us for a chat. Our first meeting is a chance for us all to get to know each other and discuss your needs so we can see if we can help.

[ninja_form id=41]

What you need to know

This information is provided by Invest Blue Pty Ltd (ABN 91 100 874 744). The information contained in this article is of general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regards to those matters and seek personal financial, tax and/or legal advice prior to acting on this information. Read our Financial Services Guide for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relations to products and services provided to you.

©AMP Life Limited. First published May 2019