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Early access to your super

Releasing superannuation before you retire

Under certain circumstances, it may be possible to access your super early, such as financial hardship, temporary or permanent injury or illness, for compassionate reasons or if you’re a temporary resident leaving Australia.

The First Home Super Saver scheme also has special provisions that could allow you to access your voluntary super contributions early.

Special conditions for all of these options apply and you may be required to pay tax on your withdrawal.

Accessing super when you’re nearing retirement

If you’re over 55, there may be a better way to access your superannuation. By easing back on your working hours, you may be able to transition to retirement by drawing on some of your super early to top up your income. Find out more about transitioning to retirement.

How to withdraw super early

There are three ways:

  1. For financial, medical or compassionate grounds, you will need to contact your super fund.
  2. If you are a temporary resident leaving Australia you need to use the ATO form.
  3. If you’re over 55 and keen to still work, but do fewer hours, you may prefer to start a transition to retirement pension.

Different reasons to withdraw funds have different payment systems (eg. lump sum or income stream) and different tax implications. Your super fund can help get it right for you.

Rebuild your super when things improve

If your circumstances improve, you can improve your super and potentially gain a tax concession too. For example, a 30-year old who add just $10 per week to their super can be over $20,000 better off at retirement. Find out how a small contribution can make a big difference to your retirement with our salary sacrifice calculator.

Rebuild your super now

If you’ve had to dip in to your hard-earned super, and thus put your retirement income at risk, it may still be possible to rebuild your super.

If you have more than one account you have more than one set of fees, so rolling them into one fund makes sense. For example, a 30-year old who closes an account that charges just $100 per year in fees, will potentially have around $4,000 more at retirement.

See how you can consolidate your super.

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