At what age can I access my superannuation
3 min read
Key takeaways
- Access super when 60 and cease work
- Turning age 65
- Access superannuation through hardship
When Can You Access Your Super for Retirement?
You can generally access your super when you meet a “condition of release”, which depends on your age, work status, and circumstances.
Reaching Your Preservation Age (and Retiring)
Your preservation age is the earliest you can access super, but only if you retire. It depends on your birth year:
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 |
After 1 July 1964 | 60 |
If you retire permanently after reaching your preservation age, you can access your super as a lump sum or pension.
Reaching Age 60 and Stopping Work
If you’re 60 or older and leave an employer (even if you start another job), your super becomes accessible tax-free.
You don’t need to retire completely—just cease employment with at least one employer after turning 60.
Reaching Age 65 (No Work Restrictions)
Once you turn 65, your super becomes fully accessible, even if you’re still working. You can take a lump sum, set up a retirement income stream, or do both.
No restrictions—super is now yours to use.
Early Access (Special Circumstances Only)
In some cases, you may access your super before retirement, but strict rules apply:
- Severe financial hardship – If you can’t meet essential living expenses.
- Compassionate grounds – For medical expenses, mortgage assistance, etc.
- Terminal illness or permanent disability – Allows full access tax-free.
- Departing Australia – If you were a temporary resident, you might be eligible.
Tax on Super Withdrawals
After 60, super withdrawals are tax-free if from a taxed fund.
Between preservation age and 60, some withdrawals may be taxed up to 17%, depending on your total balance and tax-free portion. Contact Point B Planning for tailored advice on your super and retirement strategy.
- Phone: (03) 9044 1950
- Email: admin@pointbplanning.com.au
- Address: 12 Taylor Street, Yarraville, Victoria
