Super is a compulsory savings and investment scheme designed to ensure hard-working Australians have enough money in retirement. Each pay, your employer must put some money into your super fund, and your super fund invests that money to help it grow over time.

If all goes well, your super balance will grow throughout your working life, so you have enough to enjoy a financially secure retirement.

Because super is all about saving for retirement, there are strict rules about how and when you can access it.

Generally, you can only access your super once you meet one of the following:

• stop working and reach your preservation age (between 55 and 60, depending on when you were born)  
• reach age 65, or
• meet some other condition of release.

So, can you access your super to pay bills? Generally, no.

That said, there are some specific circumstances where you can access your super early. However, it should be noted that these are usually for financial hardship or under compassionate grounds where accessing your super is absolutely necessary.

Some examples include:

• severe financial hardship — if you can’t meet reasonable and immediate family living expenses AND you have received eligible government income support payments for 26 consecutive weeks with no breaks
• compassionate grounds (covers situations such as making a payment on a home loan or council rates so you don’t lose your home)
• terminal medical condition
• permanent or temporary incapacity due to illness and/or injury
• you are a temporary resident departing Australia
• you have a super balance under $200 and have ceased employment with your employer, or
• are using the First home super saver scheme

It’s important to know, depending on your circumstances, that you may have to pay tax on your withdrawal.

Who decides if you can access your super early?

It isn’t always your super fund that decides if you can access your super early. It’s up to the Australian Taxation Office (ATO) to assess applications for early release of super on compassionate grounds.

Things to consider

While accessing your super early is sometimes necessary, it isn’t something you should do lightly.

Accessing your super early will mean you have less later. This may seem obvious, but the power of super is that it grows through compound interest. So, the more time your super can grow, the bigger your balance will potentially get.

So, while taking out a few thousand now might not seem like a big deal, you’re also taking away that money’s ability to earn returns. This could significantly reduce your super balance in the long run and affect your overall retirement lifestyle.

Regardless of how and when you access your super, we recommend you get advice from a qualified financial planner before making a withdrawal from your super.

If you are experiencing financial hardship, the National Debt Helpline provides free, confidential, and independent support.

We're giving you this information in good faith. It comes from sources we think are reliable and helpful. However, we can't guarantee its accuracy and take no responsibility for this content, including any errors or omissions.

Information correct as at 1 November 2024