Understanding financial advice
Financial life goals
Tools and resources
Products and services
Investing with IOOF
Your retirement goals
Understanding super & money
Super is only for when you retire, right? Well not quite. There are a few times in life when you might have a valid reason to get hold of some of your super savings.
Super is your savings for retirement. So it makes sense that there is an age you have to reach to get access to the funds you’ve saved.
When you reach what we call your preservation age, you can access your super if you permanently retire. That age depends on when you were born but for most people the age is 60. This table tells you when you can access your super based on how old you are right now:
Once you’ve celebrated the birthday that applies to you, there’s another box to tick before you get access to your super. We call this a condition of release and leaving the workforce for good is one of these conditions. So if you retire for good after reaching your preservation age, you can get your hands on your super.
If you change jobs on or after turning 60, you can continue to work and also access your super. Or you can wait until you reach age 65 and access your super, even if you’re still working.
If you become totally and permanently disabled before your preservation age, you’ll also be able to access your super.
Yes. But the Federal Government has very strict guidelines on when and why you can access you super early. Once in a while there are exceptions to these very limited conditions. Take the early months of the COVID-19 pandemic when it was possible for people to withdraw up to $10,000 from their super if they had lost income because of the COVID pandemic.
The window for this early withdrawal of super has closed now. But there are some other circumstances where you can apply to the Australian Tax Office to access a limited amount under compassionate grounds from your super before retirement, when you are in need of financial help, to:
You can also apply to your super fund for early access if you:
Any amount you take from super now is less money for when you retire. Of course, if being short of money is forcing hardship and stress on you now, and you have a legitimate reason to access your super, withdrawing an amount to take the pressure off makes sense. But it’s a good idea to get information on your other options before taking this step.
Find out more about getting help with your super
Yes you can. The First Home Super Saver Scheme (FHSSS) could see you on your way to owning your first home sooner:
Find out more about making extra super payments
Super savings are for when you retire. With the First Home Super Savers Scheme you can make extra contributions into super and withdraw these later for buying your first home.
You can access the full balance of your super after reaching your preservation age. But even then, you need to meet a condition of release – these include retiring permanently from the workforce or reaching age 65. If you’re experiencing severe financial hardship you can apply to your super fund or the ATO to access a limited amount of your super early to cover certain costs.
Australian call centre
Free to call from landline and most mobile phones
Available weekdays from 8am - 6pm AEST