When can I access my superannuation?

For many people, your super fund is the largest asset you’ll own in your lifetime. So, it’s worth knowing what the rules are around accessing this pot of money.

Typically, you can only access the money once you reach the “preservation age” and you have met one of two conditions for release: you’ve retired from the workforce and/or you have turned 65. At that point, you can access your super as a lump sum, a retirement income stream, or both.

But there are also several exceptions that enable you to access your super early.

What is the preservation age?

If you were born before 1 July 1960, then chances are you’ve already dipped into your superannuation fund, as your preservation age was 55.

If you were born after 1 July 1960, your preservation age will vary. See the table below:

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 1 July 1964 60

Can I still access my super if I’m still working?

If you have reached your preservation age, haven’t permanently retired, and are below the age of 65, you can still access part of your super through a transition to retirement pension.

After the age of 65, you can withdraw your super even if you’re still working.

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All information provided in the magazine is sourced from independent writers & may contain general advice that is not endorsed by the FairVine Super Plan.