When can I access my super?

As super is a long-term savings plan for your retirement there are rules as to when you can access it.

Accessing your super at retirement

When it comes to retirement you can access your super:

When you have reached 60 and are fully retired.
If you are aged between 60 – 64 and still working you may have limited access to your super through Transition to Retirement (TTR).
When you turn 65 regardless if you are working or not.

Options at retirement

When you are fully retired aged 60 or above you have two options when accessing your super:

1. Open a retirement income account

Receive regular tax-free 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. It’s flexible so 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.

> Retirement Income account

2. Take your super as a lump sum

Money in a bank account

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.

> Why keep your retirement savings invested?

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

Early access to super

Under certain circumstances you may have early access to super before you retire.

End of financial year voluntary contributions