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Guidance

When can you access your super?

When can you access your super?

You’re probably wondering when you can start drawing down your super.

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 permanently disabled or terminally ill
  • 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.

This document contains general advice only. It does not take account of your individual objectives, financial situation or needs. You should consider talking to a financial planner before making a financial decision. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. While care has been taken in the preparation of this document, no liability is accepted by Commonwealth Financial Planning, ABN 65 003 900 169, AFSL 231139, its related entities, agents and employees for any loss arising from reliance on this document.