Q: I am 57. If I decided to retire before 60 when can I access my super?
A: If you have reached your preservation age AND retire, then you can access your super benefits.
Australians can have a preservation age of 55 years (if born before July 1960), or at least 56 years and potentially up to 60 years (if born on or after 1 July 1960), depending on specific date of birth.
At the time of writing, if a person is 57 years of age, then they were clearly born before July 1961 which means such a person would have a preservation age of 55 or 56 years. If a person is born after June 1961, then preservation age ranges from 57 years and right up to 60 years (see table below).
A person who is currently 57 years of age (that is, born before July 1961) and retired can access super benefits immediately, subject to completing the paperwork with the relevant super fund.
My response is for information purposes only, and you’ll need to confirm how the rules apply for your personal circumstances by undertaking your own research, or by chatting to a financial adviser or accountant.
For the benefit of other readers: If you were born after 30 June 1964, then your preservation age is 60 years. If you were born after June 1960 and before July 1964, then your preservation age is either 56, 57, 58 or 59 years of age. See table below. You can learn more about your preservation age by reading this SuperGuide article: Accessing super: What is my preservation age?
Note: If you retire before the age of 60, then tax is payable on the taxable component of a super benefit. For information on the tax treatment of super benefits taken before the age of 60, see SuperGuide article Retiring before the age of 60: the tax deal from 1 July 2017.
For information on other ways you can access your super benefits before the age of 65, see SuperGuide article, Accessing super early: 14 legal ways to withdraw your super benefits.
Accessing super: What is your preservation age?
|Date of birth||Your preservation age|
|Before 1 July 1960||55|
|From 1 July 1960 until 30 June 1961||56|
|From 1 July 1961 until 30 June 1962||57|
|From 1 July 1962 until 30 June 1963||58|
|From 1 July 1963 until 30 June 1964||59|
|On or after 1 July 1964||60|
Source: Source: Adapted from the Superannuation Industry (Supervision) Regulations 1994, Regulation 6.01