Accessing super in retirement

When you can get access to super

You can get your super when you reach your 'preservation age’ and retire. Your preservation age depends on when you were born. From 1 July 2024 it will be age 60 for everyone.

Your date of birth Age you can access super (preservation age)
Before 1 July 1960 55
1 July 1960 — 30 June 1961 56
1 July 1961 — 30 June 1962 57
1 July 1962 — 30 June 1963 58
1 July 1963 — 30 June 1964 59
After 1 July 1964 60

 

Retirement rules for accessing super

As well as the age requirement, you also need to ‘retire’. The meaning of ‘retirement’ also depends on your age at the time:

  • Under 60: you must have finished working and have no intention of working again
  • 60-64: when you leave or change your current job
  • 65: you can access all your super, even if you’re still working

These rules are sometimes called ‘conditions of release’.

 

Withdrawing super from an AustralianSuper account

AustralianSuper members who are retiring and eligible to withdraw super can:

  • request a part or full withdrawal by logging into their AustralianSuper account and selecting ‘withdrawal.’ You can’t request a withdrawal using the mobile app
  • set up a regular income by transferring a balance of $50,000 or more to an account based pension like our Choice Income account. Learn more about Choice Income’s tax savings.

Many members do a combination of both.

If you’re not ready to retire but old enough to access super you may be able access a regular income with a transition to retirement account based pension. Learn about how a transition to retirement strategy works.#

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Tax on super withdrawals at retirement

If you are over 60, all lump sum withdrawals and income payments are tax-free. Under the age of 60, tax discounts are applied, and the amount you pay will be based on how much you withdraw, the ‘tax components’ of your super balance, and your marginal rate of tax.

Aged under 60 Aged 60+
Income payments from pension accounts Withdrawals from super or pension accounts Withdrawals from pension accounts and super accounts
Taxable component*:
your marginal tax rate plus Medicare Levy, less a 15% tax offset.
Taxable component*:
the first $225,000 is tax free. The balance is taxed at 17%.
No tax payable
Your super balance is divided into two components, - tax free and taxable. These are calculated based on the type of contributions made to your account.

Only the ‘taxable’ component is taxed.
Log in to your account and get a ‘benefit quote’ to understand how much of your super will be tax free or taxable.

* If your taxable component includes an untaxed element, additional tax may be applied to that element.
† Includes Medicare levy.
‡ This amount is reduced by any amount previously applied to this threshold.

 

Tax treatments are different if accessing super before preservation age. The ATO website contains detailed information.

 

* Transition to Retirement (TTR) can be complex and isn’t suited to everyone. It’s a good idea to get financial advice before deciding if a TTR Income account is right for you.

 

 

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