You can access your super once you turn 65, or younger if you permanently retire after reaching something called your ‘preservation age’. Your preservation age varies depending on your date of birth
Have a read through the table below to find out yours.
Or, if you haven't retired yet, but you stopped working when you turned 60 or later, you may still be able to access your super.
These are all referred to as 'conditions of release’.
If you’re under your preservation age and are looking to access your super, there are some special circumstances that could make you eligible. We’ve given you the rundown on that here.
So, you’ve met a condition of release, what’s next? Well, you have a few options to choose from. But first, you need to ask yourself a few questions.
Do you want a regular income from your super?
Would you prefer a lump sum payment?
Or are you happy with your current financial situation, and want to let your super continue growing in your account?
Good news! You can do any of these options, or a combination of the three. Let us explain.
If you’re planning on using your super as a source of income in retirement, you have two options.
With an account-based pension, you can choose how your income works in retirement.
Decide how much and how often you get paid
Payments are tax free if you’re over 60
Flexible and easy to manage through your online account
Learn more about an account-based income stream
If you’ve reached preservation age, however not yet met a condition of release and looking to ease into retirement and want some extra income, you can consider a transition to retirement (TTR) account. With this option, you can start withdrawing money from your super while you're still working. The best part? By doing this, you can keep your take-home pay steady and even cut back on your work hours if you want.
Learn more about transition to retirement
Once you've reached a condition of release, you can take out some or all your super to help pay off debts, cover your expenses, or use however you’d like. You can request a lump sum cash withdrawal by logging into your account online. The minimum amount you can withdraw is $1,000.
Keep in mind that lump sum cash withdrawals will have an impact on your future possible income, especially if you’re planning to use your super as your main income source in the future.
Check out our pension income payment options for more info
You don’t have to withdraw your super right away. If you’ve got enough money to keep you going, you can leave your super in your account for as long as you’d like so it can grow. Once you’re ready to withdraw your super, you can set up an account-based income stream pension or withdraw your super.
You can combine some of these options to suit your needs in retirement. If you want to do this, a licensed financial adviser can help you set up the right strategy for you.
Just a heads up, there are a few things you should keep in mind when deciding what to do with your super in retirement:
You'll still need to pay tax on any earnings your investments make. So, it's good to be aware of that when planning your finances.
If you're not working anymore or adding to your super, you'll need to let us know if you want to keep your current insurance. It's important to protect yourself, so make sure you've got it sorted if insurance matters to you.
If you're still working, whether it's part of a transition to retirement strategy or just up to 10 hours a week, your employer will continue making super contributions for you. So, that's some extra cash going into your super account to help you out.
It’s a good idea to consider all your options carefully before making any decisions. We recommend you speak to a licensed financial adviser about which retirement strategies are right for you.
Page last updated 1 December 2023
