When can I access my super?
You are able to start accessing your super if:
- you have reached your preservation age (which is age 60 for most Australians) and have ceased an employment arrangement after turning 60; or
- you are 65 years of age or older, regardless of whether you are still working
Once you turn 60, permanently retiring is not required to access your super. If you cease an employment arrangement after age 60, you can generally access the super benefits accrued up to that point. You may return to work later if you choose. However, any super contributions and earnings accumulated after returning to work will generally remain preserved until another condition of release is met.
Important note: Accessing super at age 60 and qualifying for the Age Pension at age 67 are separate rules. Many Australians need to fund the gap between these ages using superannuation, employment income, or other savings.
Early access to super
You may be eligible to access your superannuation before reaching your preservation age (age 60) if you can’t work (or can only work reduced hours) due to illness or injury. In this circumstance, you may also have insurance through your super for additional financial support. See our
Insurance through superOpens in new window
page.
Otherwise you may be able to access a limited amount of your super before age 60 on the basis of very specific compassionate or financial hardship grounds. Visit the
Services AustraliaOpens in new window
website for more information.
How much do I need to retire?
Everyone’s retirement plan looks different so it’s hard to know exactly how much you need to retire. A practical rule of thumb ofter quoted is that is that retirees need around 70% of their pre-retirement income—although individual circumstances vary greatly. Start by thinking about the lifestyle you want. For example, you may want to live somewhere close to your grandchildren, while your friends may want to prioritsie international travel. Both scenarios have different cost implications.
A good guide to help you start thinking about retirement cost is the
ASFA* Retirement StandardOpens in new window
. It breaks down the costs for both comfortable and modest lifestyles for couples and singles. It is updated wevery quarter to reflect the changing cost of living.
Comfortable lifestyle
Could include:
- Groceries
- Private health insurance
- Range of exercise and leisure activities
- Occasional restaurant meal
- Annual domestic trip
- International trip once every seven years
Modest lifestyle
Could include:
- Groceries
- Infrequent eating out and other social activities with family and friends
- Basic health cover
Explore the
ASFA* Retirement Standard.Opens in new window
* The Association of Superannuation Funds of Australia
How long will my super last?
Fundamentally this depends on:
- Your starting super balance
- Investment returns
- Inflation
- Your annual spending
- Whether you receive Age Pension support
- How long you may live
According to
MoneySmartOpens in new window
a common planning mistake is focusing only on investment returns rather than spending patterns.As a guide to how long your super may last
MoneySmartOpens in new window
recommends building a retirement budget and modelling different drawdown scenarios. You can use our powerful
Model My SuperOpens in new window
calculator to model your own retirement budget requirements and the impact different spending patterns may have on your super.
Some other key retirement rules
Even though super is your money and you can access it when you retire, there are some rules about accessing it you need to know:
- Transfer balance cap: there is a cap on the amount of super money you can move into the retirement income phase. The transfer balance cap is $2 million for 2025/26 and $2.1 million for 2026/27. Once you reach this cap, you cannot add any more.
- Minimum drawdown amounts apply for account based pensions and there is also a maximum of 10% for Transition to Retirement accounts. Once you start a retirement income stream your minimum annual payment amount (pension drawdown), is calculated based on your account balance on 1 July multiplied by the percentage factor below.