You can take money out of your superannuation in Australia, but only after meeting certain conditions, known as conditions of release. The main conditions include:
- Reaching your preservation age (which depends on your birth year, generally between 55 and 60) and retiring from work.
- Turning 65 years old, regardless of whether you are still working or not.
- Reaching age 60 and permanently retiring or starting a transition to retirement income stream.
- Early access for specific circumstances such as severe financial hardship, medical conditions, or permanent incapacity.
Once these conditions are met, you can withdraw your super as a lump sum, an income stream, or a combination of both. Withdrawals after age 60 are generally tax-free. If you have not met these conditions, it is generally illegal to access your super benefits early except under strict, approved circumstances.
