Accessing super when you retire
How much super you need to retire
The amount of super you need for retirement will depend on your circumstances. The Moneysmart website has information and resources to help you figure out how much super you need when you retire.
You may also want to learn more about getting financial help for retirement.
When you can access your super
You can access your super when you retire and reach your preservation age. Your preservation age is between 55 and 60 and is based on when you were born.
| Date of birth | Preservation age |
|---|---|
| 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 |
| After 1 July 1964 | 60 |
If you want to keep working part-time
You may be able to reduce your working hours without reducing your income when you reach your preservation age. Your part-time working income will be supplemented with your super savings.
Find out more about transition to retirement on the Australian Taxation Office (ATO) website.
How to withdraw your super
You can choose to get your super in one or both of these ways:
- a super income stream, as a series of regular payments
- one or more super lump sums, if your super fund allows it.
You can find out more about your super withdrawal options on the ATO website.
Tax implications
The super withdrawal option you choose may affect how much tax you pay. The ATO website has information on how tax applies to your super.
Find lost super
If you think you have lost super, there are ways to search for it through the ATO.
Find out more about how to search for your lost super and who can have unclaimed super on the ATO website.