While you generally can’t access your super until retirement, there are some specific circumstances where the law allows you to draw on your super early.
These conditions can be summarised as:
- Compassionate grounds
- Terminal medical condition
- Permanent incapacity
- Severe financial hardship
Before applying to access your super under early release provisions, you should consider:
- consulting your financial adviser and/or Centrelink to confirm whether the payment will have any social security implications
- checking the balance of your super before applying for early access
- the implications on any insurance inside your super (an adviser can help with this).