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When can you access your savings

The superannuation system has been 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 have:

  • turned 65 or,
  • reached your preservation age and retired from the workforce.
Are you ready?

If you’ve spent the last 30 to 40 years in the workforce there’s a good chance you’ve started thinking about retirement. Which means you probably have some questions. Like when exactly can I retire? The good news is you can retire whenever you're ready.

Learn more

What’s your preservation age?

Your preservation age depends on when you were born – refer to the table below to see when you can access your super.

Date of birthPreservation age
Before 1 July 196055 years old
1 July 1960 to 30 June 196156 years old
1 July 1961 to 30 June 196257 years old
1 July 1962 to 30 June 196358 years old
1 July 1963 to 30 June 196459 years old
1 July 1964 and later60 years old

Accessing your money for retirement

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.

The benefits of a Retirement Income account include

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Your income is tax-free
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Choose a regular payment date
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Withdraw lump sums whenever you want
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Your money continues to be invested

Retirement explained

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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