You may find that accessing your super is the best way to meet your financial needs in a given situation, for example in the early stages of the pandemic. Individuals are able to legally access the funds in their super earlier but there are conditions of release.
Common conditions of lease:
- Reaching your preservation age and retiring (preservation age is between 55 and 60, depending on the individual’s date of birth)
- Reaching preservation age and starting a transition to retirement income stream (TRIS)
- Ceasing employment once you are 60 or over (even if you don’t retire)
- Being 65 or over (even if you don’t retire)
- Death
There are more conditions of release that allow individuals to access their super early:
- Suffering from financial hardship (more resources due to Covid-19)
- Compassionate grounds
- Diagnosed with a terminal medical condition
- Temporarily/Permanently incapacitated
- First Home Super Saver Scheme
- Temporary resident departing Australia
- If you terminate gainful employment with less than $200 in your super account
