The Golden Rules of Access 🔑
Your superannuation is saved for your retirement, so the government has strict rules about when you can access it. You can't simply withdraw it when you want to. To get full access to your super, you generally need to meet two conditions:
- You have reached your preservation age.
- You have met a condition of release, such as retiring.
This guide contains general information and is not personal financial advice. The rules can be complex, and you should consider your own circumstances.
What is Your Preservation Age?
Your preservation age is the minimum age at which you can access your super. It is not the same as the Age Pension age. Your preservation age is determined by the year you were born.
Find your date of birth in the table below to see your preservation age:
| Date of Birth | Preservation Age |
|---|---|
| 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 |
| From 1 July 1964 | 60 |
As you can see, for anyone born on or after 1 July 1964, the preservation age is 60.
What is a "Condition of Release"?
Reaching your preservation age is the first step, but you also need to meet a "condition of release." The most common ones are:
- Retirement: You have reached your preservation age and have permanently retired (i.e., you do not intend to work again for more than 10 hours per week).
- Turning 65: Once you turn 65, you can access your super whether you are still working or not.
- Transition to Retirement (TTR): If you have reached your preservation age but are still working, you may be able to access some of your super as an income stream.
There are also special, less common conditions for early release, such as severe financial hardship or specific medical conditions, but these have very strict eligibility criteria.