You can generally only withdraw your super when you retire. Unless you’re 65 or over there are rules around when you can withdraw your super.
Key points:
- The age the Government allows you to withdraw your super is different to the age you can apply for the Government Age Pension, which is 67 years.
- You can withdraw your super if you’re
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- 65 years or over, whether you keep working or not
- 60 or over and change employers or temporarily stop working
- Under 60 and have permanently stopped working, and you’ve met your preservation age.
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- Your preservation age is the age the government allows you to withdraw your super, which changes depending on when you were born.
- You may be able to access your super early under special circumstances like financial hardship or compassionate grounds.
Find out when you can withdraw your super
Your age, when you were born, and your work status determine when you can withdraw your super.
Work out your preservation age using the table below.
Work out your preservation age
| If you were born | Your preservation age is |
| Before 1 July 1960 |
55 |
| 1 July 1960 – 30 June 1961 |
56 |
| 1 July 1961 – 30 June 1962 |
57 |
| 1 July 1962 – 30 June 1963 |
58 |
| 1 July 1963 – 30 June 1964 |
59 |
|
1 July 1964 or later |
60 |
Why does preservation age change depending on the year you were born?
The Government decides the preservation age rules. Recognising that people are living longer in retirement, it is gradually increasing the preservation age from age 55 to 60. It's designed to encourage Australians to grow larger super balances so they can retire with more money.
Withdraw from your Aware Super account
Most of our members who are eligible to withdraw their super open an account-based pension. An account-based pension gives you:
- a regular tax-free income1 - you can choose how much and how often you get paid
- tax-free investment earnings, which help your money last longer
- the choice to take extra cash payments whenever you like
If you’re still working but have reached your preservation age, a transition to retirement account could be an option for you. This can be a smart way to pay yourself an income while continuing to work. You could contribute more and also save on tax.
To make a withdrawal you’ll need to complete a form and send it to us. Once we receive your request, we'll check that all the information is correct. It usually takes 3-5 business days for your money to reach your bank account.
Do you need early access to your super?
There are some circumstances where you may be able to withdraw your super early. You may be eligible based on: