Your super is money put aside or ‘preserved’ for your retirement and rules apply to how and when you can access it.
Generally, you can gain access to your super once you have reached your preservation age (see table below) and retired from the workforce. Your preservation age is based on your date of birth.
|Date of birth||Preservation age|
|Prior to 1 July 1960||55|
|1 July 1960 to 30 June 1961||56|
|1 July 1961 to 30 June 1962||57|
|1 July 1962 to 30 June 1963||58|
|1 July 1963 to 30 June 1964||59|
|After 1 July 1964||60|
You will be eligible to access your super when you meet one or more of the following criteria:
In very limited circumstances you may apply to access some of your super early.
Small account balance
If you have less than $200 in your account and are ceasing employment with your employer.
Severe financial hardship
A claim for severe financial hardship may be made in certain circumstances. To qualify, members must be able to prove the receipt of a Commonwealth income support payment continuously for the last 26 weeks and provide a Q230 letter (from Centrelink) and a statement of income. Proof of inability to meet reasonable and immediate family living expenses is also required. A financial hardship claim generates a benefit payment of no more than $10,000 and no less than $1,000 and may be claimed only once in each 12 month period. Approval of any claim is not automatic and must be assessed in accordance with the relevant law. Contact us on 1800 675 839 for more information.
The Department of Human Services (DHS) assesses applications for the early release of superannuation benefits on compassionate grounds and determines if they meet the specific legislative requirements - visit humanservices.gov.au for more information. Circumstances where such applications may be considered include:
Keep your super savings in the tax friendly super environment and pay yourself an income after you retire with an income stream account.
If you are working in Australia as a temporary resident, you may be eligible to claim your super money when you leave Australia. This payment is called the Departing Australia Superannuation Payment (DASP). Refer to the Australian Taxation Office for further information.
Will you have enough super to last you? Use the super calculator as a guide to see how making extra contributions along the way can make a difference.Access the super calculator