Most Australians cannot access their superannuation at 55. The preservation age — the minimum age at which super can be accessed — has been progressively rising and is now 60 for anyone born after 30 June 1964. If you were born between 1 July 1960 and 30 June 1964, your preservation age is 57–59.
What Is the Preservation Age?
| Date of birth | Preservation age |
|---|---|
| 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 |
If you were born after 30 June 1964, your preservation age is 60, not 55. Most working-age Australians today fall into this category.
What Can You Do Once You Reach Your Preservation Age?
Reaching your preservation age does not automatically give you full access to your super. Access depends on whether you have also met a condition of release.
If still working — Transition to Retirement (TTR)
Once you reach preservation age, you can start a Transition to Retirement Income Stream (TRIS) while still working. This allows you to draw a pension of between 4% and 10% of your account balance per year — but:
- You cannot take lump sum withdrawals from a TRIS (until you retire fully)
- The pension payments are taxable (unless you are over 60, in which case they are tax-free)
- The fund remains in accumulation phase — earnings are taxed at 15% (not 0% as in retirement phase)
If fully retired — Full access
If you have reached preservation age and permanently retired, you can access your super in full — as lump sums, income stream, or a combination.
Why Age 55 No Longer Applies to Most People
The preservation age was 55 for many years, which is why “can I access my super at 55?” remains a common question. It was progressively increased to 60 under superannuation law reforms — anyone born from 1 July 1964 onward has a preservation age of 60.
Only Australians born before 1 July 1960 had a preservation age of 55 — most of whom are already in retirement.
Tax on Super Accessed Before Age 60
If you access super between preservation age and 59 (inclusive), tax applies:
- Tax-free component — always tax-free
- Taxable (taxed) component — taxed at your marginal rate less a 15% tax offset; or a flat 20% (+ Medicare levy) on lump sums above the low-rate cap ($245,000 for FY2025–26)
- Taxable (untaxed) component — taxed at your marginal rate, less a 10% offset; or 30% on lump sums above the untaxed cap
After age 60, all super withdrawals from a taxed fund are completely tax-free.
Frequently Asked Questions
Can I access my super at 55 if I resign from my job? Only if your preservation age is actually 55 (born before 1 July 1960) and you have permanently retired with no intention of re-entering the workforce. For most people born after 1964, the answer is no.
What if I have unrestricted non-preserved benefits? Some older super accounts hold “unrestricted non-preserved” benefits — amounts that can be withdrawn at any time regardless of age. These typically relate to money contributed before 1 July 1999. Check with your fund.
Can I access super at 55 for financial hardship? The severe financial hardship provision requires you to have been receiving Commonwealth income support for 26 consecutive weeks and be unable to meet reasonable living expenses. Age thresholds still apply. See the severe financial hardship conditions.
For advice on timing your super access for your situation, speak with a licensed financial adviser. You can find one through MoneySmart or the ASIC financial advisers register.