If you need to work less hours because of a physical or mental condition, you may be able to access your super. This condition of release can be used to get insurance benefits linked to your employment status. If you have a disability, you may also be eligible to apply for a superannuation benefit from your employer.
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Can I draw on my Super and still work?
If you’re under the age of 65, you can access your super without restrictions. You can’t access super until you turn 65, unless you’ve been living in Australia for at least five years.
If you don’t meet the five-year rule, you’ll have to wait until your 65th birthday to get your first $10,000 of super (or $5,500 for a married couple). You’ll be able to access it at any age, but you won’t have access to it until after you reach 65 years of age.
For more information, see the SuperGuide: Age Limits for Accessing Your Super.
When can I access some of my super?
You can get your super when you retire and reach your ‘preservation age’ — between 55 and 60, depending on when you were born. It is possible to access your super at a later age. If you’re under 55, you’ll need to wait until you reach the age of 65 to access the super you’ve earned. You can’t access it until after you turn 65, unless you qualify for a special exemption.
Can I get any of my super early?
Early access to superannuation You may be able to access your superannuation early if you’re experiencing financial hardship after losing your job. You’ll be asked to provide evidence of your financial situation, and you’ll have the opportunity to discuss your options with a financial counsellor.
Can I borrow money from my super?
Borrowing against your super is possible within a self managed superannuation fund (SMSF). The asset needs to be owned by the SMSF. A limited recourse borrowing scheme is needed for a SMSF to borrow. If you have a super fund, you may be able to borrow against it.
However, it is important to note that you cannot borrow more than you can afford to pay back. If you are unable to make the repayments, your account will be closed and you won’t be entitled to a refund.
Can I access my super for a house deposit?
The First Home Super Saver Scheme allows you to make voluntary super contributions of up to $15,000 a year. If eligible, a maximum of $30,000 can be released from your super to use as a down payment on a first home.
If you’re eligible for the FHSS, you’ll need to apply for a home loan from a bank or building society to help you buy a property. You’ll also need a deposit of at least 10 per cent of the purchase price to cover the cost of closing costs and other costs associated with the property purchase.
Can I access my super at 60 and still work full time?
If you’re over 60, you can work part time and still access your super if the role is with a new employer, not the employer you left to meet your retirement needs. You can also continue to claim super for up to 12 months after you stop working, but you’ll have to pay tax on any earnings over that time.
Can you withdraw all your super at 60?
Your Super Benefit can be accessed as either a Pension or a lump sum. A pension is a payment made to you by the government to help you with your retirement. It is paid out over a number of years and is based on your age at the time of the payment.
The amount of your pension will depend on how long you have worked for the employer and how much you earn. If you work for an employer that has a defined benefit pension scheme, you will be entitled to the same pension as if you had been working for that employer for at least 20 years.
However, if your employer does not provide a retirement pension, then you may be able to access your superannuation at any time during your working life. This is known as a “Lump Sum” pension. Lump sum pensions are not subject to any age restrictions and you can access them as soon as you reach the age of 65.
For more information on the different types of pension schemes, please see our page on Pension schemes.
Can I access my super early to pay off debt?
It is important to note that you will not be able to access the super until you have paid off all of your debts. You will need to provide your full name, date of birth, address and contact details. If you do not have a bank account or credit card, we can help you set one up for you.
Once you’ve completed the online application, your application will be sent to us and we will contact you to set up your account. We will also send you a confirmation email with a link to your new super account, so you don’t have to wait for it to arrive in the post.
Can you withdraw super to buy a house?
Contributions made to your superannuation before tax and after tax can count towards your deposit to buy a property. You need to be a first- home buyer to take advantage of this. You can withdraw up to $10,000 per year from your Super account. You may also be able to withdraw more if you meet certain conditions. For more information, see the SuperGuide.
