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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, including QSuper, allow you to take it out early if you are facing severe financial hardship and meet the requirements set by the Australian Government.
You can apply to take out an amount of between $1,000 and $10,000 in any 12-month period if you are experiencing financial hardship. If your super balance is less than $1,000, or you have reached the age you can access your super, you can apply to take out the full amount.
Be aware that tax may be deducted from your withdrawal, so you could receive less than the amount you apply for.
The Australian Government has some requirements you'll need to meet before you can take out your super early in the event of financial hardship.
There are different rules if you have reached the age you can access your super (between age 55 and 60 depending on your date of birth). In this case, you must:
Keep in mind that if you are aged 65 or over, you can access your super without restrictions, even if you are still working or looking for work.
If you are aged 60 to 64, you can access your super as long as you are retired. If you're not ready to retire, you could start receiving regular payments from your super by opening a Transition to Retirement Income account.
Learn more about how to make a withdrawal from your super.
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.