The money in your super account could fund a big part of your retirement. Here’s when you can access it – and how to learn more about what you can do with it.
When you can get your super
You can access your super:
From age 60: If you’re retired or leave a job. You can also open a Transition to Retirement account to access some of your super while you’re still working.
From age 65: Whether you’re still working or not. Everyone can get their super once they turn 65.
Early access: There are some circumstances where you can get some/all of your super before retirement. Read our early access to super page to find out more about that.
Even once you've accessed your super and even closed your super account, you may be able to open a new one and start putting money in again, if you're eligible.
How your super withdrawals are taxed
Generally, if you’ve met one of the conditions above (from age 60 or 65), the money that you take out of your super account will be tax free.
There are some exceptions though, which are outlined on the Australian Taxation Office (ATO) website.
High-pressure sales tactics could put your super savings at risk. Be super smart and don’t rush to switch.
If someone you don’t know contacts you about your super – hang up. They are not looking out for you. Learn more.
What you can do with your super
There are lots of different choices you can make with your super money. Here’s a brief summary and some links to find out more. You can choose one or any combination of the actions below.
| You can: | What this is | Tax on investment earnings | Can you change your mind? |
| Leave it in super | You can leave your money in super as long as you like and just apply to take some out when you need it. | 15% | Yes. You can choose to do something else with it whenever you like. |
| Start an account-based pension | This type of account pays you a regular income stream. You can also take out bigger amounts when you want to. | 0% | Yes. You can close your account-based pension at any time. Once it's been opened, you can't add more money to it - you'd need to open another account. |
| Withdraw your super and put it somewhere else | You can take your money out of the super system and invest it in some other way. | At your marginal income tax rate | Maybe not. Once you take your money out of super, there are restrictions on putting it back in. |
| Start an annuity/lifetime income stream | This type of account pays you a regular income for the rest of your life. | Differs across products | Generally not once the cooling off period is finished. |
| Use a Transition to Retirement account | This type of account can be used between the ages of 60 and 65, if you want to start using your super but you're still working. | 15% | Yes, you can generally convert this back to a super account. |
It’s worth knowing that the choices you make with your super money can impact your eligibility for things like the age pension. It’s worthwhile getting some advice before you make a decision on what to do.
If you have a Defined Benefit account that can be turned into a defined benefit pension, get professional advice from your super fund or a financial adviser before you take any action. Defined Benefit accounts work differently; keeping your Defined Benefit account in retirement might give you bigger benefits than the above choices.
Think how your super will fit in with your life
What to do with your super account will depend on everything else you’ve got planned.
It’s good to understand how things like the Age Pension, any personal savings and investments and even the equity in your own home can work together to fund your retirement. The decision you make in one area can impact your eligibility in other areas.
Learn more about bringing it all together.