Q: Are you allowed to withdraw money from your super fund before retirement if you’re having money troubles?
The first step is to check whether your superannuation fund permits early access to super benefits for financial hardship. Most super funds do permit such access, but some do not.
- If you apply under the ‘severe financial hardship’ rules, then you apply directly to your super fund. You will need to satisfy certain conditions. For more information see SuperGuide article Can I access my super early due to financial hardship?
- If you’re eligible for early release on ‘compassionate grounds’, then you apply to the government agency, known as the Department of Human Services (via Centrelink). For more information about compassionate grounds see SuperGuide article Accessing super early on ‘compassionate grounds’.
For other ways to access super benefits, see SuperGuide article Accessing super early: 14 legal ways to withdraw your super benefits.