When Can I Access My Super?

Preservation age is now 60 for everyone

Your "preservation age" is the earliest age you can generally access your super. This used to depend on your birth year, with different ages ranging from 55 to 60 depending on when you were born. That transition period has now passed — everyone's preservation age is 60, since anyone who had an earlier preservation age has already reached it.

Reaching preservation age isn't automatically enough

This is the part that catches people out: turning 60 gets you to the door, but you still need a key. You generally also need to meet a condition of release — the two most common are:

• Retiring — ceasing an employment arrangement with no intention of working again (though you can generally still take up different work later without penalty).
• Turning 65 — at this point, you get unrestricted access regardless of whether you've retired, and can keep working if you want to.

Between preservation age and full retirement, a Transition to Retirement (TTR) income stream is also available — covered below.

Early access — and why to be very wary of anyone offering it

Legitimate early access is only available in specific circumstances: severe financial hardship, certain compassionate grounds (such as ATO-approved medical costs or preventing home loan foreclosure), a terminal medical condition, or permanent incapacity. Strict eligibility and evidence requirements apply, and amounts may be limited — always confirm eligibility directly with the ATO or your fund, not a third party offering to "help" you access it.

Transition to Retirement (TTR)

Once you reach preservation age, a TTR income stream lets you draw a regular income from part of your super while you're still working — commonly used to reduce working hours gradually, or to supplement income before fully retiring. It doesn't require you to stop work, unlike a standard account-based pension.

Account-based pensions

Once you meet a full condition of release — retiring after preservation age, or turning 65 — your super can be converted into an account-based pension. This pays you a regular income stream from your super balance, which stays invested and continues to earn returns while you draw it down.

Lump sum vs income stream

Once you're eligible to access your super, you generally aren't forced into one option — you can typically choose to take it as a lump sum, an income stream (like an account-based pension), or a combination of both, subject to your fund's own rules. Which suits you better depends on your circumstances — a lump sum gives immediate access to a large amount, while an income stream spreads payments out and keeps the remainder invested. This is a genuinely significant decision worth getting professional guidance on rather than guessing.

Tax on withdrawals

Once you're 60 or over and have met a condition of release, withdrawals from a taxed super fund are generally tax-free, for both lump sums and income stream payments. This is one of the reasons 60 is such a meaningful threshold, beyond just being able to access the money at all.

Related

General information only. Consult a tax professional for your specific situation.