In Australia, the age at which you can access your superannuation (retirement savings) depends on your “preservation age.” The preservation age is the minimum age at which you can access your superannuation, provided you have met a condition of release.

Your preservation age is a critical factor in determining when you can access your superannuation. It refers to the minimum age at which you become eligible to access your superannuation. Of course, provided you meet the necessary conditions of release. The preservation age varies based on your date of birth. We have it outlined below:

The preservation age varies depending on your date of birth:
If you were born Preservation age
If you were born before July 1, 1960

The preservation age is 55


If you were born between July 1, 1960, and June 30, 1961 The preservation age is 56
If you were born between July 1, 1961, and June 30, 1962 The preservation age is 57
If you were born between July 1, 1962, and June 30, 1963 The preservation age is 58
If you were born between July 1, 1963, and June 30, 1964 The preservation age is 59


If you were born on or after July 1, 1964

The preservation age is 60
Conditions of superannuation release 

Reaching your preservation age is not the sole requirement for accessing your superannuation. You must also meet specific “conditions of release” to gain access to your retirement savings. Let’s explore these conditions in detail:


1. Transition to Retirement Pension

Besides full retirement, you can also access your Superannuation if you decide to start a transition to retirement pension. This option allows you to access a portion of your super while continuing to work. Giving you the best of both worlds to keep active and accessing your Superannuation.


2. Severe Financial Hardship

Under certain circumstances of financial hardship, you may be eligible to access your superannuation early. However, strict criteria must be met to qualify for this condition of release. The ATO will provide a detailed analysis for this issue. 


3. Permanent Incapacity & Medical Condition

If you suffer from a permanent physical or mental incapacity that prevents you from working. Or if you are diagnosed with a termial medical condition you may be eligible to access your superannuation early. You can also look for further assistance the government is providing. This will lead to living a fuller life reguardless of health.


4. Compassionate Grounds

 In some exceptional cases, you may be granted access to your superannuation due to compassionate grounds, such as covering medical expenses or preventing foreclosure on your home.


Once you reach your preservation age, you can access your superannuation if you retire or begin a transition to retirement pension. If you do not meet any of the conditions of release, you generally cannot access your superannuation before reaching your preservation age.


Staying Informed

In conclusion, your preservation age plays a crucial role in determining when you can access your superannuation. Additionally, meeting specific conditions of release is necessary to gain early access to your retirement savings. As a responsible and knowledgeable financial service provider, we, at Financially Sorted, are here to guide you through the intricacies of accessing your superannuation and planning for a secure and comfortable retirement.


It’s important to note that superannuation rules and regulations may change over time, so it’s best to check with the Australian Taxation Office (ATO) or an expert for the most up-to-date information regarding accessing your superannuation. Again, we are here to assist.



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