When it comes to planning your retirement, knowing when you can access your super is a key part of the process.
Typically you can access your super:
- When you cease paid work after age 60
- When you turn 65 (regardless of whether you keep working or not)
- When you reach your preservation age and permanently retire
- When you reach your preservation age and start a transition to retirement income stream
- If you become incapacitated
- In some special circumstances including compassionate grounds and severe financial hardship
You can find out more at the Australian Taxation Office (ATO) website.
What is your preservation age?
Your preservation age is the age you’re generally allowed to access your super. It depends on your date of birth.
Date of birth
Preservation age (years)
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 30 June 1964
60
Things to consider
It’s up to you to decide the right time to draw down your super. Think carefully about how the timing fits in with your financial situation and personal circumstances.
For example, you may pay tax if you withdraw your super before you turn 60, either via an income stream or as a lump sum, although some of it might be tax-free. After the age of 60, your super withdrawals are usually tax free (tax may still apply to withdrawals after age 60 from untaxed funds such as some government superannuation schemes).
Superannuation rules can be complex, so it's a good idea to seek advice from a financial planner who can help you put the right strategy in place to suit your needs.
