- Published on 29 Sep 2023
- - Superannuation
Superannuation is a crucial part of your financial future in Australia, but there are specific conditions under which you can access your super before retirement. Let's delve into the circumstances that allow early access.
1. Financial Hardship: In times of extreme financial difficulty where meeting essential living expenses becomes a challenge, you may be eligible to access your super early. The Australian Taxation Office (ATO) has established criteria for determining financial hardship, which you should refer to for precise information.
Click here for more information on accessing your Super because of extreme financial hardship.
2. Compassionate Grounds: Certain life events, such as medical treatments or funeral expenses, may necessitate additional funds. In such situations, you can apply for early access to your super on compassionate grounds. To understand the application process and eligibility criteria, consult the ATO's guidelines.
Click here for more information on accessing your Super on compassionate grounds.
3. Terminal Illness: A diagnosis of terminal illness is a distressing situation, often accompanied by significant financial burdens. To alleviate these financial pressures, you can access your super early if you have been diagnosed with a terminal medical condition. For detailed information, refer to the ATO's guidelines on the matter.
Click here for more information on accessing your Super as a result of a terminal illness
4. Permanent Disability: In unfortunate instances of permanent disability that hinder your ability to work, early access to your superannuation may be granted. The ATO defines the specific criteria for early access in cases of permanent incapacity.
Click here for more information on accessing your Super as a result of a permanent disability
5. Temporary Residents: If you are a temporary resident departing Australia, you may be eligible to claim your super. The ATO provides information on the conditions for early withdrawal in this context.
Click here for more information on accessing your Super when departing Australia permanently
6. First Home Saver: For those saving to purchase their first home, the First Home Super Saver (FHSS) scheme is a valuable option. Under this scheme, you can access your super to contribute to your home purchase. Access comprehensive details on FHSS from the ATO's official website.
7. 65 and Still Working: If you are over the age of 65 and continue to work, you have the flexibility to access your super at any time. No elaborate procedures are necessary; simply contact your superannuation fund.
It's crucial to remember that accessing your superannuation early should be a last resort. Superannuation is designed to secure your financial future during retirement. Always seek guidance from a financial advisor and review the ATO's guidelines to ensure your decisions align with your long-term financial goals. Your superannuation is a significant asset, deserving careful consideration and planning.
Why not take the next step and talk to a qualified financial planner?
LifeTime Financial Group are specialist (holding appropriate accreditations) advisors who are ideally positioned to assist you with potentially accessing your Super or to discuss your broadrer retirement planning needs.
If you would like to discuss your wider financial planning needs, why not call us today on 03 9596-7733? There is no cost or obligation for our initial conversation/meeting.
Alternatively, please make an appointment using our online Book an appointment (Blue button above)
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