How can I get my super if I am under 65 and still working full time?

It’s a question that we often encounter from the not-so-soon to be retirees of the workforce.

Many people may not be in a position to be giving up their full-time job in order to gain access to some or all of their super – so what are the rules for gaining access to their superannuation early?

People who are aged over 59 from 1st July 2022 (and over 58 until then) are allowed to start what is known as a Transition To Retirement Income Stream.

This is a type of superannuation pension that was introduced to allow for the transition from full-time work to full-time retirement. Your hours could be cut down without fear of losing income as you could take some of your super to supplement the remainder.

This stream allows you to take up to ten per cent of your opening balance ( from the day you start the pension and then on each 1st of July). As the 30th of June is quickly approaching, someone in this situation could potentially take ten per cent of their super now, and another ten per cent in July.

Unfortunately, those who are aged under 59 do not have access to a transition to retirement income stream, and will also not have access to their super if they were to retire at this time. This is the case in almost all circumstances.

If you are under 59, you will need to fulfil one of a number of requirements that will allow you to gain access to your super. These requirements may include items, such as medical expenses that need to be met by you or your dependent, or that you have been on Centrelink benefits for a long period of time.

If you require access to your super but are not over the age of 59 and/or retired, you will need to speak to your super fund. They will direct you to a government department that will verify if access can be granted to your super.