To get your superannuation (super) out, typically you need to meet certain conditions known as "conditions of release." These include reaching preservation age and retiring, turning 65 (even if not retired), or meeting special criteria for early access like financial hardship or compassionate grounds. Here are ways to access your super:
- If you are 65 or older, you can withdraw your super without retiring.
- If you have reached your preservation age (between 55 and 60 depending on birth year) and have retired or significantly reduced your work hours, you can access your super.
- You can start an account-based pension to receive regular income from your super.
- Early access is possible in special circumstances such as severe financial hardship, medical or compassionate grounds, terminal illness, permanent incapacity, or if you are a temporary resident leaving Australia.
To withdraw super, you usually need to:
- Complete a withdrawal form from your super fund.
- Provide certified identification.
- Sometimes apply through the Australian Taxation Office (ATO) for compassionate or hardship releases.
Be aware that withdrawing super early can affect how much you have for retirement and your tax situation.
