When can I retire and access my Superannuation?

Superannuation (super) is generally accessible when you retire and reach your preservation age, which varies based on your date of birth. Alternatively, you can access it at age 65, even if you’re still working.

Preservation Age

• Before 1 July 1960: Age 55
• 1 July 1960 — 30 June 1961: Age 56
• 1 July 1961 — 30 June 1962: Age 57
• 1 July 1962 — 30 June 1963: Age 58
• 1 July 1963 — 30 June 1964: Age 59
• After 1 July 1964: Age 60

Accessing Super Before Full Retirement

• Transition to Retirement (TTR): If you’ve reached your preservation age but haven’t fully retired, you can access part of your super through a TTR pension.

Defined Benefit Funds

If you’re in a defined benefit fund, you might be eligible to access your super pension from age 55, regardless of your birthdate. Eligibility rules vary, so check with your fund.

Early Access to Super

You can access your super early in specific situations, including:

• Incapacity: If you can’t work or need to reduce your hours due to a medical condition.
• Severe Financial Hardship: If you’re struggling to meet living expenses and have been receiving government benefits for 26 weeks.
• Compassionate Grounds: To cover unpaid expenses such as medical treatments, home or vehicle modifications for severe disabilities, funeral expenses, or preventing home foreclosure.
• Terminal Medical Condition: If you have a terminal illness or injury.

Considerations for Early Access

The Australian Taxation Office (ATO) provides detailed information on early super access options.

Source: moneysmart.gov.au