Five Ways To Access Your Superannuation

Five ways to access your superannuation

Commonwealth provisions generally require part of your superannuation benefit to be preserved until you either:

• cease employment from age 60.

• retire from the workforce permanently at or after your preservation age (between 55 and 60).

In some cases, you may be able to access your superannuation before you reach your preservation age (the age at which you can access your superannuation without restrictions) if you meet a specific condition of release.

Examples of conditions of release include:

• Severe financial hardship

• Terminal illness

• Permanent disability

To access your superannuation under a condition of release, you will need to apply to your superannuation fund and provide supporting documentation. Each fund has its own application process and requirements, so it's important to check with your fund for more information.

It's important to note that accessing your superannuation early may have significant long-term consequences, such as reducing the amount of money you have in retirement. It's a good idea to carefully consider your options and seek financial advice before making a decision.