Super is only for when you retire, right? Well not quite. There are a few times in life when you might have a valid reason to get hold of some of your super savings.
Super is your savings for retirement. So it makes sense that there is an age you have to reach to get access to the funds you’ve saved.
When you reach what we call your preservation age, you can access your super if you permanently retire. From 1 July 2024 this is age 60 for everyone.
Once you’ve celebrated your 60th birthday, there’s another box to tick before you get access to your super. We call this a condition of release and leaving the workforce for good is one of these conditions. So if you retire for good after reaching your preservation age, you can get your hands on your super.
If you change jobs on or after turning 60, you can continue to work and also access your super. Or you can wait until you reach age 65 and access your super, even if you’re still working.
If you become totally and permanently disabled before your preservation age, you’ll also be able to access your super.
Yes. But the Federal Government has very strict guidelines on when and why you can access you super early.
There are some other circumstances where you can apply to the Australian Tax Office to access a limited amount under compassionate grounds from your super before retirement, when you are in need of financial help to:
You can also apply to your super fund for early access if you:
Any amount you take from super now is less money for when you retire. Of course, if being short of money is forcing hardship and stress on you now, and you have a legitimate reason to access your super, withdrawing an amount to take the pressure off makes sense. But it’s a good idea to get information on your other options before taking this step.
Yes you can. The First Home Super Saver Scheme (FHSSS) could see you on your way to owning your first home sooner:
Source: MLC