In Australia, you can access your super when you reach age 60. But there are rules and exceptions you need to be aware of.
This page:
Highlights the criteria you’ll need to meet to access your super.
Explains what you can do with your super once you can access it.
Contains some helpful thought starters and directs you to other retirement information.
The superannuation system is designed to give Australians a way of saving for retirement while they’re working. As a result, the government places restrictions on when you can access your money.
Generally, to access your money, you need to meet one of these criteria:
you’ve turned 65 (doesn’t matter if you’re still working),
you’ve turned 60 and retired from the workforce,
you’ve changed employers after you turned 60, or
you’re aged between 60-64 and still working (provides some limited access to your super).
Getting set for your Super 60s
Grab your free Super 60s Starter Pack, complete with our Retirement Handbook and retirement calculator, and start planning the future you want.
You may have heard the term ‘preservation age’. In the past, the government allowed members to access their super earlier than they do today. If you’d reached your preservation age, it meant you could access your super but with some restrictions. Today, the earliest you can access your super is age 60, but the table below shows the original preservation ages.
| Date of birth | Preservation age |
|---|---|
| Before 1 July 1960 | 55 years old |
| 1 July 1960 to 30 June 1961 | 56 years old |
| 1 July 1961 to 30 June 1962 | 57 years old |
| 1 July 1962 to 30 June 1963 | 58 years old |
| 1 July 1963 to 30 June 1964 | 59 years old |
| 1 July 1964 and later | 60 years old |
Building up a healthy superannuation balance is important, but how you access and invest your money in retirement will also determine how long it lasts.
Transferring your super balance into a Retirement Income account is an easy and popular way to start your retirement. This allows you to draw down an annual income from your savings while the balance continues to earn investment income.
To help you with investment selection we have Equip Super MyPension, an innovative set-and-forget investment strategy which automatically looks after your investments and can help to make your money last longer.
Another option is to withdraw all or part of your balance from the super environment. This has potential taxation and Age Pension implications, and we strongly recommend consulting a financial planner before making a decision.
If you’re aged between 60 to 64 and still working, you can access some of your super through a Transition to Retirement Income account. For some members this can be a good way to get a taste for retirement without having to leave the workforce.
It’s the golden question when it comes to retirement. Unfortunately, there’s no one-size-fits-all answer. In this short explainer, we take you through the key things to consider, and showcase a range of handy tools and resources, to help you find the answer that works for you and your unique circumstances.
Retirement allows you to turn your super into a regular income stream. Which can potentially be used alongside a Government Age Pension.
Retirement allows you to turn your super into a regular income stream. Which can potentially be used alongside a Government Age Pension.
What might your retirement look like? Watch this helpful video to learn the simple questions you should ask yourself when beginning to plan your retirement.
Getting a little support and guidance from the experts can make a big difference when it comes to choosing the right products for your next chapter and helping you make the move to retirement in the way you want to. And our team is here to help.
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