When can I access my super?

Eager to access your superannuation but unsure about the timing?

Typically, the earliest you can access your funds is from age 55, depending on your birth year. So, what exactly determines when you can access your super, and how can you find out your specific eligibility?

Let’s break it down.

In order to withdraw super, you must meet one of several criteria. These are: 

• You’re 65 years old or older. 
• You’ve reached your preservation age (more on this later) and have retired.
• You’ve reached your preservation age and have quit your job (even if you plan to get another one).
• You’ve reached your preservation age and have begun a transition to retirement (TTR).

Just remember, you only need to fulfil one of these conditions to access your super, so as you consider your options, understanding which condition applies to you will guide your next steps.

The preservation age is the earliest age at which you can start accessing your super funds, provided you also meet other conditions, such as retiring or significantly reducing your work hours.

It’s aptly named to emphasise the point of your super: to keep it ‘preserved’ until you’re closer to retiring.

Currently the preservation age is anywhere from 50-60 based on the year you were born, with the staggered approach accounting for longer life expectancies.

To determine your preservation age, simply find the year of your birth in the table below. 

Source: ATO.gov.au Super Withdrawal Options

As previously noted, to access your superannuation funds, you must meet specific conditions of release. In the table below, we’ll look at all these conditions along with the eligibility requirements and withdraw implications for each:

A transition to retirement strategy allows you to access some of your super if you’ve reached your preservation age but don’t want to stop working. 

With a transition to retirement strategy, you’ll shift some of your funds into an ‘account-based pension,’ which is essentially a personal retirement account within your super fund. This is called your ‘transition to retirement income stream’ (TRIS), which is designed to provide you with a regular income by allowing you to withdraw portions of your superannuation savings in a controlled and flexible manner. 

This means you can receive regular payments from your super savings while continuing to work, or as you begin to reduce your hours. Hence the label ‘transition to retirement’.

The preservation age and pension age refer to two different programs. Your preservation age is for accessing money that is being preserved in your superannuation account during all of those years of your working life. 

The pension age is the age at which you could be eligible for the government Age Pension, which is separate to superannuation. The Age Pension is designed to support the basic living needs of older Australians who may not have the means to retire comfortably (for example, they don’t have enough super).

Not everyone is eligible for the Age Pension, as there are age and residency requirements and it uses means-testing to determine eligibility. The pension age ranges from 65-67, and is currently 67 for anyone born on or after 1957.

There are ways to access your super before your preservation age, but it’s only allowed under very limited circumstances. Here are some situations where you may qualify:

• Compassionate grounds. You might be eligible to withdraw some of your super for urgent financial needs, such as essential medical treatment or preventing home foreclosure. More details on using super for a home loan repayment can be found here.
• Terminal medical condition. You may be able to access your super if you have a condition likely to result in death within 24 months.
• Severe financial hardship. If you can't cover immediate living expenses, you might qualify for early super release. For more information, speak to your super provider.
• Incapacity. Whether temporary or permanent, if a medical condition stops you from working, you could receive your super as an income stream or a lump sum. Additionally, check if insurance benefits linked to your super can be accessed.
• Super less than $200. If your employment ends and your super balance is below $200, you might be able to claim these funds. 

For more information on the eligibility requirements and other details, check out our guide on accessing your super early.

When it comes to the brass tacks of withdrawing your super, every fund provider's process is different. However, you can typically expect to complete a withdrawal form, which will include information such as: 

• Your personal details. Including things like your name, date of birth, tax file number, and unique superannuation identifier of your super fund.
• Employment details (if applicable).
• Meeting the conditions of release. This is usually a checklist to assess your eligibility for claiming super. 
• Proof of identity documents. You may be asked to provide certified copies of your passport, driver’s licence and Medicare card.
• Withdrawal details. You might be asked to state your intention to receive a lump sum payment, income stream, transfer your super into another fund, or make a full withdrawal.
• Payment details. This section of the form may ask you whether you’d like your super transferred into a nominated bank account, an account-based pension or another super fund.

Once you’ve sent off your application to claim super, it can take approximately 5 business days before any funds hit your nominated bank account. This is assuming that your provider has received all of the information they need and there are no delays.

You might've heard rumours of a 'super preservation age loophole.' Just to be clear, there is no super preservation age loophole. Trying to access your super early outside the allowed conditions can land you in trouble, so it's best to stick to the rules.