When can you access your super?

To get your hands on that money you’ve got socked away in superannuation, you have to meet what’s called a ‘condition of release’.

The two most common conditions of release are:

• Reaching age 65 (regardless of your work status), or

• If you are under 65, you have to have at least reached your preservation age AND retired from work. “Retired” in this context generally means you intend to never return to gainful employment for more than 10 hours per week.

You preservation age can be worked out from the table below.

There are also other less common ‘conditions of release’ such as death, disability, severe financial hardship, compassionate grounds and more. If you want more information on these we suggest you head over to the ATO’s website (https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Conditions-of-release/).

Arguably, the more important thing to consider is when can you actually afford to start taking your super.

For more on that, check out this article How much do you REALLY need to retire?

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Important note: this advice may not be suitable to you because it contains general advice which does not take into consideration any of your personal circumstances. All strategies and information provided here are general advice only. Please arrange an appointment to seek personal financial and taxation advice prior to acting on this information.