After working so hard all your life, you begin to wonder when you can access those super benefits you have been saving all these years! There are rules and regulations as to when you can access your super benefits but generally when you reach the age of 65 you are able to withdraw your money with no restrictions.
What if you cannot wait long?
There are special conditions that may apply to your circumstance which may allow you to access your super benefits before the age of 65. If you have reached your “preservation age” and have retired from your main occupation, you will be able to access your benefits. The “preservation age” means for those who fall under this age group, or as old as 55 will be able withdraw their super.
| Date of birth | Preservation age |
| Before 1 July 1960 | 55 |
| 1 July 1960 – 30 June 1961 | 56 |
| 1 July 1961 – 30 June 1962 | 57 |
| 1 July 1962 – 30 June 1963 | 58 |
| 1 July 1963 – 30 June 1964 | 59 |
| From 1 July 1964 | 60 |
Reaching your “preservation age” is just one “condition of release” that may be satisfied in order to access your super. You will be able to access your super, if you are suffering from the following adversities:
- Permanently incapacitated or have been diagnosed with a terminal illness
- If you were to pass away, your benefits would be distributed to your beneficiaries
- Financial Hardship – received Centrelink income support for continuous period of 26 weeks and cannot meet family living expenses.
- Compassionate Grounds – must be approved by the Department of Human Services. A member may access their preserved benefit for: Medical treatment and transport, mortgage assistance to prevent foreclosure, disability modifications, funeral assistance and care for terminal medical condition.
Are there any other way to Access your super benefits?
Unfortunately the superannuation laws are strict in regards to accessing your super and if you have not met a ‘condition of release’ you will not be access your super benefits unless:
- You have less than $200 in your superannuation account and you are no longer contributing to your super fund.
- You are a temporary resident – your visa has expired and you have permanently left Australia.
- Excess Contribution – 85% of your excess contribution can be withdrawn.
- Non-Preserved Balance – if you have contributed to super before 1st July 1999 your “unrestricted” balance can be withdrawn as you please or if you have a “restricted” balance you may access this when you leave your employer.
Penalties for Early Access:
If you access your Super Benefit and do not meet a condition of release, you will breach the superannuation law and penalties may be imposed on you and super fund (both criminal and civil).
Ivan Filipovic is a leading SMSF Specialist Advisor with Redwood. Ivan is a Self Managed Superannuation Specialist with over 20 years provides a range of services across all sectors of Self Managed Superannuation, Property and Finance with an emphasis on long term wealth strategies. Ivan is a Chartered Accountant, Financial Planner, ASIC registered auditor, Mortgage Broker, Tax Agent and Licensed Property Professional.
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