Strict rules are in place around when, and why, it's possible to get early access to your super.
That's because your super plays an important role in your long term financial security.
Access your super early and you arguably put that in jeopardy.
Not to mention, heavy penalties apply if you withdraw your super when you're not eligible.
Here's how to get your head around this important topic.
When you can withdraw your super
You can usually access your super as soon as you turn 60, which is known as your ‘preservation age’.
Your preservation age is the age you must be to legally get access to your super.
Generally, if you reach preservation age and haven’t retired or stopped working, you may be able to access your super via transition to retirement
What are the conditions of release?
You usually need to reach preservation age to get your super.
But there are some exceptions that mean you may be able to withdraw some, or all, of your super early.
Fair warning, most of these conditions are pretty bleak.
1. You have compassionate grounds
If you or a dependent need serious medical support, this could apply.
Maybe you need help paying for treatment, transport, palliative care, or home renovations.
You may also need to pay for the death, funeral, or burial expenses of a dependant.
And if you find yourself needing to stop the forced sale of your home, you could also be eligible.
Applying for early super access because of compassionate grounds
You'll need to:
- Meet eligibility conditions.
- Provide relevant documents.
- Apply to the ATO Online or fill out a paper form.
2. You have a terminal medical illness
This is for people who have a terminal medical condition.
They must meet specific conditions, including being likely to pass away in the next 24 months.
Applying for early super access because of a terminal medical condition
You'll need to:
- Contact your super fund, or the ATO if they hold your super.
- Supply documents from registered medical professionals.
3. You're under severe financial hardship
Withdrawing super early because of financial hardship depends on how old you are.
Are you under your preservation age plus 39 weeks?
You'll need to have been receiving an eligible Centrelink payment for 26 weeks non stop. You must also be unable to pay your living expenses.
Applying for early super access because of financial hardship
You'll need to:
- Apply to your super fund directly.
- Have documents from Services Australia ready.
4. You can't work in your profession anymore
If you have to stop working in a job you're qualified, trained, or experienced in, you might be able to access some super early.
You'll hear it called a 'disability super benefit'.
Applying for early super access because you can't work in your profession
You'll need to:
- Contact your super provider.
- Have documents from certified medical providers to support your claim
What if you're temporarily unable or less able to work?
Some super funds offer insurance. If yours does and you can't work for a while, you might be able to access insurance benefits from your super fund.
Applying for early super access because you're less able to work
You'll need to:
- Contact your super provider.
- Have certified documents from medical providers ready.
Keep in mind
Applying for early release of your super doesn’t necessarily mean you’ll get it. Eligibility requirements can be strict. It can be up to your super fund, their Trustee, and the ATO to make the final decision.
If you’re struggling with financial hardship, consider checking out Moneysmart’s guide on what to do.
Next steps
For more support about your specific need, you can check out the ATO's Early access to super collection.
To learn about super contributions and limits, check out our super contributions cheat sheet.
