When can I access my super in Australia?
It’s one of the questions we hear most often around the table with our clients: when can I access my super?
And it’s a fair question. You’ve spent a working life putting money away, and as retirement gets closer you want to know when it’s actually yours to use. The rules don’t always make that easy. Between preservation ages, conditions of release and transition to retirement, it can all start to feel a bit higgledy-piggledy.
So let’s take it one step at a time. For most of the people we work with, super becomes available from 60 once they’ve finished up with work, or from 65 even if they’re still working. There’s a little more to it than that, and the choices you make at the start can make a real difference to how you live in retirement. We'll walk you through it. Please note the following information is general in nature. For specific advice, please speak to our team at Impact Wealth.
What is preservation age?
Preservation age is the earliest age you can generally get to your super. It depends on when you were born.
If you were born on or after 1 July 1964, your preservation age is 60. People born earlier had lower preservation ages, between 55 and 59, which means anyone born before 1 July 1964 has already reached theirs.
So for almost everyone planning retirement today, the number to remember is 60.
Reaching preservation age doesn't hand you your super on its own, though. You also need to meet what the ATO calls a condition of release.
The main ways to access your super
These are the conditions of release most people use when they retire:
- You retire. You've reached preservation age, stopped paid work, and your fund is satisfied you don't intend to work again. If you stop work at 60 or over, this is usually straightforward.
- You leave a job on or after 60. If you finish one employment arrangement after turning 60, the super you built up to that point can be released, even if you keep another job or start a new one later. Super you build after that date stays locked until you meet another condition.
- You turn 65. At 65 you can access your super whether you're working or not.
- You start a transition to retirement income stream. Once you reach preservation age, you can keep working and draw a regular income from part of your super.
Can I access my super at 60 and keep working?
Yes, in two ways.
The first is the job-change rule above. If you're 60 or over and you finish a job, the super built up to that point becomes available, even if you go on to work somewhere else, part time or full time.
The second is a transition to retirement income stream, often called a TTR. You can start one at preservation age while staying in the same job. It suits people who want to cut back their hours and top up their pay, or who want to restructure how their income is taxed while still working. Until you turn 65 or meet another condition of release, you must take between 4% and 10% of the balance each financial year. Keep in mind that investment earnings inside a TTR are still taxed at up to 15% until you retire or turn 65, so it isn't fully tax-free in the way a retirement pension can be.
What changes at 65?
At 65 the work question falls away. You can access your super even if you're still working full time.
That doesn't mean you have to take it out. Reaching an age doesn't force you to withdraw, although your fund's rules may say otherwise, so it's worth checking with them.
Is super tax-free after 60?
The ATO says that for most people, yes. If your super is in a taxed fund, which covers most Australians, payments after 60 are generally tax-free whether you take a lump sum or an income stream.
If some or all of your super comes from an untaxed source, such as certain public sector schemes, different rules apply and part of what you withdraw may be taxed. Your fund can tell you which kind it is, and it's worth knowing before you decide how to draw on it.
Lump sum, income stream, or both?
Once you can access your super, you choose how to take it. You can take it as a lump sum, start a retirement income stream (an account-based pension), or combine the two.
An income stream pays you regularly, and you must withdraw a minimum amount each year based on your age and account balance. There's also a limit on how much you can move into the retirement phase, called the transfer balance cap. From 1 July 2026 it's $2.1 million for someone starting a retirement income stream for the first time. If you already have a retirement income stream, your personal cap may be lower, and you can check it through the ATO in myGov.
The right mix depends on what you need the money to do. Paying off the last of the mortgage, helping the kids, travelling in the first few years and keeping enough invested for your 80s and 90s all pull in different directions.
Questions to ask before you draw down
Before you make your first withdrawal, it helps to work through a few questions:
- How will this affect my Age Pension, now or later?
- Do I need a lump sum now, or would a regular income suit me better?
- If I have a partner, whose super should we draw on first?
- How much should stay invested for the decades ahead?
- Is my fund taxed or untaxed, and does that change my approach?
None of these have one right answer. They depend on your age, your partner's age, your other assets and the life you want to live. That's where a conversation with an adviser who knows the rules can save you a lot of second-guessing.
Where to from here?
If you're still a few years out, our about to retire page covers the lead-up. If you've already stopped work, already retired looks at making your money last. You can also see how our financial planning works, or try our retirement quiz to see where you stand.
When you're ready, book a complimentary discovery call. We'll listen first, explain your options plainly, and stay with you all the way.
Frequently asked questions
When can I access my super if I was born on or after 1 July 1964?
Your preservation age is 60. From 60 you can access your super if you retire, or if you leave a job, even if you keep working elsewhere. At 65 you can access it whether you're working or not. You can also start a transition to retirement income stream from 60 while you keep working.
Can I take all my super out as a lump sum?
Once you've met a full condition of release, such as retiring after preservation age or turning 65, you can generally take a lump sum, an income stream or both. A transition to retirement income stream has its own rules, including a set range you must draw each year until 65.
Do I have to withdraw my super at 65?
No. Turning 65 lets you access your super, but it doesn't force you to take it out. Your fund's rules may set their own requirements, so check with them. If you start an account-based pension, you'll need to take a minimum amount each year based on your age and balance.
Is super taxed when I withdraw it after 60?
For most people, no. If your super is in a taxed fund, lump sums and income stream payments after 60 are generally tax-free. If some of your super comes from an untaxed source, such as certain public sector schemes, part of it may be taxed. =Your fund can tell you which applies to you.
General advice warning
The information in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you and read the relevant Product Disclosure Statement. Speak to a licensed financial adviser before making any decisions. Ryan Oliver Holdings Pty Ltd ATF Oliver Financial Services Trust Trading as Impact Wealth – CAR 442752 Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995, AFSL No 230323, a member of the Insignia Financial Group of companies.
