Superannuation Preservation Age in Australia

The Superannuation Preservation Age in Australia gradually increases from age 55 to age 60, depending on when you were born.

We are currently in the midst of this gradual increase in superannuation preservation age.

The superannuation preservation age signifies the first time you are able to access your superannuation retirement benefits.

There are a variety of ways to access your super once you meet your preservation age in Australia – even if you are still working.
 

Preservation Age Australia?

 
Your Superannuation Preservation Age is the earliest age that you are able to have full access your superannuation savings if you are permanently retired with no intention of returning to work.

However, you do not have full access to your savings simply because you have reached your Superannuation Preservation Age.

Looking to manage your own superannuation?

This 6-Step Checklist is going to give you a complete understanding of your super.

You need to have permanently retired.

Being ‘in-between jobs’ does not constitute permanent retirement.

Your overall personal and employment situation needs to indicate that you have no intention of returning to work.

If you are not permanently retired, your superannuation preservation age is also the age that you can have limited access to your superannuation savings via a TTR Pension.

You can start a TTR Pension even if you are still working or intend on continuing to work, provided you are over your preservation age.

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Superannuation Preservation Age in Australia

 
The Superannuation Preservation Age for Australians is as follows:

Date of Birth Preservation Age (in Years)
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 30 June 1964 60

Even if you have reached your Superannuation Preservation Age, you should speak to an adviser or your superannuation provider to ensure that you are able to access your retirement savings.

For some of you, your preservation age will be many years away.

Therefore, you need to consider if you are willing to contribute funds to super and wait until your preservation age before having access to them.

You should understand the importance of super regardless of your age.

Need advice on how to reach your financial goals?

Chat to one of our expert financial planners to see how we can help you.


 

Preservation Age Calculator

 
A superannuation preservation age calculator can be used to calculate your specific preservation age, based on your date of birth and when you were born.

Use the preservation age calculator to determine your preservation age in Australia.

There is no superannuation preservation age loophole; however, there are some ways that you can access your super early.

A list of ways you can have early access to your super has been complied by the Australian Tax Office (ATO) and can be found here.

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What Age Can I Access My Super Tax Free?

 
Tax free access to your superannuation is generally available over age 60.

The taxation of superannuation withdrawals depends on factors such as your age, the tax elements that make up your balance and the form in which the withdrawal is made (lump sum or income stream).

The tax-free component will usually be received tax-free regardless of your age.

The taxable component may incur tax, even if you are over age 60.

If you would like anything clarified or have any further questions about the Superannuation Preservation Age in Australia or any other topics, please do not hesitate to leave a comment in the section below.

Chris Strano

Chris Strano created SuperGuy to help the average punter navigate through the complex and ever-changing super rules. It has since become one of Australia's leading digital super resources. If you’re looking for more personalised advice, have a chat with one of our experts at www.superguy.com.au/need-advice

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2 Comments

  1. Anthony McGlone

    Hi Chris
    The plan I had for my Super’ was to take it at age 56 (Born 1961) pay out our mortgage and then work on putting as much as I could into my wife’s Super’ as she is younger than me and will be re-entering the work force soon after finishing a uni degree. Would that mean that I could do no paid work of any kind at all?

    Reply
    • Chris Strano

      Hi Anthony
      One of the conditions of release is retirement after your preservation age with no intention of returning to work for more than 10 hours per week. The key point here is that it must be your ‘intention’. Your circumstances may change in the future; however at the time your circumstances must suggest that you had no intention of returning to work. It is important not to abuse this somewhat loose term of ‘intention’.
      Hope this helps

      Reply

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