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You may be able to access your super early if you're facing financial hardship
As superannuation is there to support you once you stop working, you normally can't withdraw it until you reach a certain age and retire. However, some super funds allow you to take it out early if you are facing severe financial hardship and meet the requirements set by the Australian Government.
How much and how often you can withdraw super for financial hardship depends on your age.
You can only apply to access your super after 12 months has passed since your last financial hardship payment.
If your super balance is less than $1,000, you can apply to take out the full amount.
You must be:
You don't need to wait 12 months between financial hardship payments, and you can apply through the under-65 rules if you don't meet these eligibility criteria.
Taking out your super due to "financial hardship" is different from accessing your super on "compassionate grounds".
The main difference is that you don't need to be receiving income support payments from Centrelink to access your super early on compassionate grounds.
Additionally, you can only get your super money on compassionate grounds if you are unable to afford things like medical treatment, your mortgage, or a funeral.
Find out more about compassionate grounds.
For more information about accessing your super early, visit the Australian Taxation Office.
If you have any questions about how to withdraw your super due to financial hardship, please give us a call or send us an email.