When can I access my super?

Your preservation age - or access age - is the government's minimum age that your super must be ‘preserved’ until. It's currently between 55 and 60, depending on when you were born.

When you reach your preservation age, super normally becomes available for you to withdraw or convert to an income stream once you've retired. If you're still working when you reach your preservation age, you can start a Transition to Retirement account instead.

The preservation age for super is different to the government's Age Pension eligibility age.

If you stop an employment arrangement on or after turning 60, you are able to access the superannuation you have accumulated up until that point.

If you decide to return to work, you can still access the super you had before you returned to work. But for any contributions from your new employer, you'll need to wait until you leave that job before you can access that super.

If you are aged 60 years old and not yet ready to retire, you could access some of your super while you’re still working by opening a Transition to Retirement (TTR) Income account.

You can use a TTR Income account to reduce your work hours without reducing your income, or as part of a tax strategy in the lead up to retirement, saving you tax while your savings continue to grow.

If you are between 55 and 60 years old, you would normally need to be permanently retired and reached your preservation age to access your super as a lump sum.

Your preservation age is a minimum age, set by the Australian Government, that your super must be ‘preserved’ until. The preservation age is between 55 and 60, depending on the year and month you were born.

However, if you've met your preservation age and want to draw an income from some of your super, but you're not ready to retire, you could open a Transition to Retirement Income account.

Work out your access age

Depending on your age, withdrawals and income payments from your super may be taxed. If you're over 60 years of age, it is tax-free. If you're under 60, the taxable portion of any income payments will be taxed at your marginal tax rate (plus Medicare levy), but you'll receive a 15% tax offset.

Lump sum withdrawals are tax-free if you are over age 60, or for amounts under the low rate cap.²

Learn more about how your super is taxed, or read our Tax Explanation factsheet.

Yes, lump sum withdrawals and payments from your super can also impact any benefits you are receiving from Centrelink.

Managing government benefits such as the Age Pension can be complex, and small changes can have a big impact, so it pays to get personal financial advice to help you maximise your retirement income.