You can withdraw your superannuation (super) in Australia when you meet certain conditions:
- You reach your preservation age and retire. From 1 July 2024, the preservation age is 60 for most people.
- You turn 65 years old, even if you have not retired.
- You reach your preservation age and start a transition to retirement income stream while continuing to work.
- You cease gainful employment after age 60.
- There are also special circumstances for early access to your super, such as severe financial hardship, compassionate grounds, permanent incapacity, terminal illness, or if you permanently leave Australia.
Preservation age varies by birth date but is generally 60 or older for those born after 1 July 1964. Early withdrawal before preservation age is only allowed under specific conditions approved by the Australian Taxation Office (ATO). In summary, most Australians can access their super from age 60 if retired, or age 65 regardless of employment status, with some options to access it earlier under special circumstances.
