Your preservation age means how old you have to be to start using your super. Until then, your super's preserved, or locked away.
It depends on your date of birth, and you have to be retired. The Australian Government sets these age limits.
For most people, it's now 60.
If you were born from 1 July 1963 – 30 June 1964, your preservation age is 59. If you were born earlier, you can already use your super.
There are usually a couple of conditions you need to meet as well as preservation age, when you're ready to start using your super.How to withdraw my super
You can get your super when you retire or transition to retirement at preservation age. Sometimes you can get some super early (e.g. disability, financial hardship).Early access to super
Everyone can get their super when they turn 65. Even if you haven't retired, you'll have full access to your super savings.
The superannuation preservation age and the age that you can get the government's Age Pension aren't the same.
So even if you've reached your preservation age, you may have to wait a long time to be able to get the Age Pension.Check your Age Pension eligibility
Want to know more? Check these frequently asked questions.Or contact us
As long as you meet the rules to withdraw your super, you can take out as much as you like. You can even take out all your super on your preservation age as a lump sum.
But keep in mind, it depends on your situation. So before you start withdrawing your super, think about getting financial advice.
It's a big decision and there are a range of options to make your super last longer. Like setting up an income account so you get regular payments, or getting payments for life with our Lifetime Pension.
Your membership includes financial advice to help you make decisions about:
If you haven't reached your preservation age yet and need to retire unexpectedly, there may be cases when you can access your super early, such as:
There are rules you need to meet for each situation.
Super's a long-term investment that's meant to give you money when you retire, so you can have a better retirement. But we understand that sometimes life doesn't go to plan.
If you're struggling or have any questions, please contact us.
If you've turned 65, then yes you can keep working and access your super.
If you're under 65, you could access some of your super after your preservation age by opening a Transition to Retirement (TTR) Income account.
You can use a TTR Income account to reduce your work hours without reducing your income. Or as part of a tax strategy, saving you tax while your super continues to grow.
Also, if you've left one employer after turning 60 and start working for another, you can start using the super you've saved until that point.
Yes, your super continues to be taxed in a few ways once you're old enough to access your super, mainly on:
When it comes to withdrawals and super contributions once you reach your preservation age, how much tax you pay depends on:
Learn more about how super is taxed.
Withdrawing all your money once you reach your super preservation age is tempting. But is it the best decision for you? Here are some other common options to think about.
Transition to retirement
You don't have to retire just because you reach preservation age. But you'll need to if you want to access all your super before you turn 65 (unless you meet the rules for early access to your super).
If you leave a job after turning 60 and start working for another employer, you can access the super you've saved until that point.
Once you turn 65, you can access all of your super, whether you're working or retired.
If you've reached preservation age and don't want to retire
You can get some of your super as a transition to retirement (TTR) pension. A TTR pension lets you access up to 10% of your super each financial year while you're still working.
With our TTR Income account, you can get regular payments from your super straight into your bank account. And you can change the payment timings and amount when you need to.
Planning for retirement is an exciting time. And there's a lot to think about. A good place to start is by exploring your retirement options for your super.
We also have a range of webinars and podcasts to help you decide what to do once you reach preservation age.
If you need one-on-one help, your membership includes personal financial advice about your super with us.1
1. Employees in the Australian Retirement Trust group give advice to members and employers as representatives of Sunsuper Financial Services Pty Ltd (ABN 50 087 154 818 AFSL No. 227867) (SFS), that is wholly owned by the Trustee as an asset of Australia Retirement Trust. SFS is a separate legal entity responsible for the financial services it provides. Eligibility conditions apply. Refer to the Financial Services Guide (pdf) at australianretirementtrust.com.au/fsg for more information.