Super is designed to provide income in retirement. To withdraw funds from your super account prior to retirement there are certain criteria set by the government that you will need to meet.
You can only withdraw money from your super:
- when you turn 65
- when you reach preservation age and retire
- when you stop working after turning 60
- if you’re still working and using a transition to retirement strategy
- if you have less than $200 in your super and leave your employer
- if you’re under severe financial hardship
- if any ‘compassionate grounds’ apply
- if you’re unable to work due to temporary or permanent incapacity
- if you have a terminal medical condition
- if you’re a temporary resident and leave Australia.
Each of these has its own conditions. Give us a call to check eligibility on 13 64 63.
If you’re unsure, don’t forget we’re here to help. You can give us a call on 13 64 63 or email email@example.com
If your needs are more complex, we can put you in touch with a financial adviser from Mine Super Financial Advice.