This superannuation preservation age calculator allows you to help calculate your retirement age in Australia.
Your superannuation preservation age is the first age that you become eligible to access your superannuation.
The only time that you can have earlier access to your superannuation is if you meet the condition of financial hardship, temporary or permanent incapacity, terminal illness or on your death.
Apart from that, you will need to wait until your super preservation age.
Even when you do meet your superannuation preservation age, it does not necessarily mean that you will have unrestricted access to your super.
First, let’s begin with helping you calculate your superannuation preservation age with this preservation age calculator.
Be sure to read the information below the calculator to ensure you understand when you can access your super, if you are able to continue working and when you can access your super tax free.
Use the calculator below to work out your preservation age.
Preservation Age Calculator
Accessing Super At 55
As you can see in the calculator, above, the earliest preservation age is 55.
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However, reaching your preservation age does not entitle you to full access your superannuation savings.
Reaching your preservation age is simply the earliest age that you can access your superannuation.
Full Access to Super
You will have full unrestricted access to your super if you have reached your superannuation preservation age and ‘ceased gainful employment‘.
Ceasing gainful employment includes retiring from work, with no intention of ever returning to full-time or part-time work.
Another definition of ceasing gainful employment includes ‘having an employment arrangement come to an end after reaching age 60’.
If you satisfy the definition of ceasing gainful employment, you can access as much of your super as you like in the form of a lump sum or an income stream.
Can I Access My Super At 55 And Still Work?
If you have reached your preservation age you are able to access your superannuation and continue to work, even if you have not met the ‘age 60’ definition of ceasing gainful employment, as mentioned above.
If you haven’t met the definition of ceasing gainful employment, but have reached your preservation age, the only form in which you can access your superannuation is by using some or all of your accumulation balance to start a transition to retirement (TTR) pension.
Transition to Retirement (TTR) Pension
A Transition to Retirement (TTR) Pension is an income stream specifically for people aged between 55 and 64 who would like to keep working.
A Transition to Retirement Pension allows the pension recipient to nominate to receive an income of between 4% and 10% of their Transition to Retirement (TTR) Pension balance.
The 4% and 10% is calculated on 1 July of each year and remains valid for the whole of the financial year.
For example, if you started a Transition to Retirement Pension with $300,000 on 1 July, you would be able to nominate to receive an income of between $12,000 (4%) and $30,000 (10%) for that financial year.
In the next financial year, the 4% and 10% would be recalculated based on the balance on 1 July of that year.
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If you commenced the transition to retirement pension part-way through a financial year, the minimum 4% would be pro-rata (based on number of days remaining throughout the year divided by the total number of days in the year). The maximum 10% would remain as 10% (i.e. not pro-rata).
When Can I Access My Super Tax Free?
Over Age 60
If you are over age 60, all lump sum and income stream payments will generally be received tax free.
Being over age 60 is considered the best time to retire in Australia.
Under Age 60
While under age 60, some or all of your superannuation withdrawals (lump sum or pension) may be taxable.
Your superannuation/pension balance consists of ‘taxable‘ components and ‘tax-free‘ components.
Tax-free components are always received tax free, regardless of your age.
Taxable components will generally incur tax. The tax rate depends on the form in which you access your super and the type of taxable component (taxed / untaxed) within your account.
Refer to this detailed table of tax on the Superannuation Taxable Component.
Remember to check if you are able to access your super first, using the Preservation Age Calculator above. Accessing your super prior to reaching your super preservation age is generally forbidden and any super preservation age ‘loopholes’ should be avoided.
