Superannuation is designed to be your retirement savings, so you normally can’t take out your super until:
You turn 65 years old, or
You retire and reach the age you can access your super (this preservation age is 60 for most people).
But in special cases, you may be able to withdraw some of your super early.
If you’ve been on Centrelink income support payments for at least 26 weeks in a row (about 6 months), you might be able to take out up to $10,000. Eligibility criteria apply.
Withdrawing old types of super
You can take out some or all of your super if you have unrestricted non-preserved super. (Log in to check.)
Compassionate release of super
You may be able to take out some super on compassionate grounds to pay for medical costs, funeral expenses for a dependant, or mortgage repayments in default.
Terminal illness (terminal medical condition)
If you’re diagnosed with a terminal illness, you can take out your super and make an insurance claim for any Death cover on your account.
Permanent incapacity (superannuation disability payout)
If a medical condition stops you working in your old job ever again, you can withdraw some super and maybe also make an insurance claim.
First Home Super Saver Scheme (FHSSS)
First home buyers can add extra money (additional contributions) to their super, then withdraw this money for a house or home loan deposit.
Temporary resident superannuation
If you had a temporary visa and worked in Australia, you can withdraw your super when you leave Australia. This is the the Departing Australia Superannuation Payment (DASP).
Withdrawing some or all of your super early (before retirement) could affect:
How much money you have to spend in retirement
How much tax you pay
Any insurance on your superannuation account
Any government benefits you get (e.g. Centrelink Jobseeker).
Each option for accessing your super early lets you take out a different amount of super. There are also different criteria for each option.
| Early access option | Eligibility criteria | How much super you can take out |
|---|---|---|
| Financial hardship | Financial hardship | $1,000 – $10,000 before tax, based on needs |
| Withdrawing unrestricted non-preserved super | Only if you worked in certain years | Any unrestricted non-preserved amount |
| Compassionate grounds | Medical and/or financial hardship | ATO decides how much |
| Permanent incapacity | Medical conditions | Up to your full balance + any TPD insurance |
| Terminal illness | Medical conditions | Up to your full balance + any Death insurance |
| First Home Super Saver (FHSS) Scheme | First home buyers | Up to $50,000 + earnings |
| Temporary residents leaving Australia | Temporary visa | Full balance |
