When can I access my super?
As super is a long-term savings plan for your retirement, there are rules that determine when you can access it. Generally, you can withdraw your super when:
- You are under age 60, have reached your Preservation Age and have permanently retired,
- You are aged between 60 – 64 and leave an employer or retire, or
- You turn 65 (even if you haven’t retired).
What is my Preservation Age?
Your preservation age is the age when you can access your super after retirement. It is based on your date of birth.
Date of birth
|Before 1 July 1960
|1 July 1960 – 30 June 1961
|1 July 1961 – 30 June 1962
|1 July 1962 – 30 June 1963
|1 July 1963 – 30 June 1964
|From 1 July 1964
Early access to super
Under certain circumstances you may be able to access your super before you retire, or reach your preservation age:
Transition to Retirement (TTR) strategy
Using a Transition to Retirement strategy can allow you to dial down your work hours and continue to receive a regular income before you fully retire.
Early retirement due to terminal illness or injury
If you have been diagnosed with a terminal illness or forced to stop work due to an injury, you may be able to access your super. In the unfortunate event of your death, your beneficiaries would be eligible to receive your super.
If you find yourself in severe financial hardship we may be able to help you with early access to some of your super.
Accessing your super on compassionate grounds could allow you to pay for medical treatments, specialised care for you or your dependant, or even in some circumstances, mortgage repayments on your home.
Accessing your super at retirement
When the time comes to access your super, you have two options:
Open a retirement income account
Receive regular income payments in retirement
Transferring your super to a Retirement Income account means your money continues to be invested and can grow through investment returns.
You also get to choose how much and how often you receive your regular income payments. And, you can make extra withdrawals when you need to.
There’s also a range of tax benefits, including tax-free investment returns and income payments if you are over 60.
Take your super as a lump sum
Transferring your money into a bank account means you have easy access to your cash when you need it.
However, you lose benefits once you take your money out of the superannuation system.
You’ll no longer be able to grow your money from tax-free investment returns and you lose other potential tax advantages offered by a retirement income stream.
Benefits of a Retirement Income account
When retiring, many First Super members choose to convert their super savings into a First Super Retirement Income account, allowing them to receive regular income payments during retirement. It’s a great way to ensure your super savings last as long as you do.
- Continue to earn investment returns on your money – Let our investment experts manage your money
- Choose when you receive regular payments – Fortnightly, monthly, quarterly, half-yearly or yearly payments
- Award-winning retirement product – Awarded SuperRatings Gold award for 2023
- Pay less tax – No tax on income payments1 or investment earnings
- Make lump sum withdrawals – Make additional withdrawals from your retirement account
- Peace of mind – A Retirement Income Account gives you flexibility and allows you to nominate beneficiaries
We’re here to help
To find out more about First Super’s award-winning retirement products check out our retirement products or give us a call on 1300 360 988. We’re proud to talk about our retirement income products and we’re always here to help.
1Tax may be payable if under Age 60.