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Because your super savings are there to fund your ‘weekend, you can normally only access your super once you’ve reached retirement age. In Australia this is a little complicated as there are different ages that apply depending on when you were born – and we also have a ‘Transition to Retirement’ option (TTR) which allows you to access some of your super before you’ve fully retired.
Normally, you’re able to access your super when you reach:
Your preservation age and have permanently retired from work
Your preservation age and take a transition to retirement income stream.
Age 60 and have ceased working in an employment arrangement
Age 65 – whether you’ve retired or not
There are certain situations where you may be eligible to withdraw your super early:
If you have a terminal medical condition
If you are permanently incapacitated
If you are a temporary resident permanently leaving Australia
If you meet the criteria to access your super on compassionate or financial hardship, or Early Release Initiatve (ERI) provisions – such as the the early release for those financially impacted by COVID-19.
Contact a smartCoach today on 1300 262 241, or email smartcoach@smartmonday.com.au..
Date of birth
Preservation age
Before 30 June 1964
You have reached your preservation age
From 1 July 1964
60
How and when you access your super can have a major impact on your bottom line. So, before you do, why not get some help, speak to your financial adviser or, if you don’t have one, speak to one of our smartCoaches. They’re here to help you understand your options and weigh them up properly before you decide what to do. They can also help you act on your decision.
Contact a smartCoach today on 1300 262 241, or email smartcoach@smartmonday.com.au.
