Can you access your super early #financialfreedom

In Australia, we generally can't access superannuation until we're 60 and retired, or 65 and still working. But there are some circumstances where early access is possible COVID being one of the most recent examples, where the government temporarily allowed limited withdrawals during a period of widespread financial hardship.

Outside of that, early access is typically only available in situations like total and permanent disability. So while it does exist, it's not something to take lightly.

If you're ever in a position where you're considering it, the most important thing to ask yourself is: will this be detrimental to my long-term retirement strategy? Can you top up your super balance later down the track? Is this a short-term cash flow issue, or are you facing something longer term where returning to the workforce isn't on the cards?

Run the projections, use the calculators, and make sure that accessing your super early doesn't cost you the retirement you've been working towards.

General advice only. Amy Lehmann is an Authorised Representative (No. 1292710) of Consortium Private Wealth Pty Ltd (AFS Licence 495401).

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