Thinking about accessing your super early? Here’s what you need to know

If you spend any time online, there’s a good chance you’ve seen ads promising early access to super for things like cosmetic procedures, IVF, or other non-essential treatments. It’s tempting, especially if you’re facing cost‑of‑living or other financial pressures, but it’s not that simple. In fact, these offers can put your financial future at risk.

Your super is designed to support you in retirement, so it’s important to understand what’s allowed, what’s not, and what other support might be available.

Sorting fact from fiction

In recent years, some businesses have promoted early super access as a way to pay for procedures like veneers, tummy tucks, or nose jobs. They’re even charging high fees to ‘help’ you apply to withdraw your super.

Here’s a fact you need to know. Purely cosmetic procedures don’t meet the criteria for early access to super. Even if you get a medical report, it must show a critical health need, not a lifestyle choice. The Australian Taxation Office (ATO) has warned against these claims for good reason – in the long run they can leave you worse off financially.

It’s easy to see why these offers feel like a quick and easy fix. But protecting your super now means protecting your future retirement income.

So, what do the rules actually say?

Generally, you can’t access your super until age 60. There are, however, some circumstances where early access is allowed:

Compassionate grounds

You may be able to withdraw super to assist you or a dependant to:

• Pay for medical necessities, such as medical treatment for life-threatening illness or injury, alleviate acute or chronic pain, or alleviate an acute or chronic mental illness.

• Palliative care, or modifications to your home or vehicle due to a severe disability.

• Cover funeral expenses.

• Prevent foreclosure or forced sale of your home.

Evidence is required to support your claim. The payment will be taxed and generally at a higher rate if you’re aged under 60.

For more information, see our page on Early access to super for compassionate grounds.

Financial hardship

If you are struggling to pay everyday living expenses (which can include rent or mortgage repayments, utility bills, groceries and medical expenses), you may be eligible to access between $1,000 and $10,000 (gross) of your super if receiving eligible government income support payments for a qualifying period.

For more information, see our page on Early access to super for severe financial hardship.

If you’ve stopped working in the public sector after age 55

With Triple S, you may be able to access part of your super once you reach age 55, as long as you’ve left public sector employment.

However, accessing your super early may mean paying extra tax, and which can significantly reduce what you’ll have to live on later. Australians are living longer than ever, so protecting your income in retirement is something worth thinking about.

Early access could cost you later

Accessing your super early may provide short-term relief, but it can affect:

• Your total retirement savings

• The tax you may need to pay

• Other benefits you receive (like Centrelink)

We recommend that you seek financial advice before making any decision about accessing your super and in particular early release.

Other ways to get support

If you're facing financial stress, there may be other ways to get support without dipping into your retirement savings:

• Revisit your budget: A fresh look at household expenses might reveal ways to free up cashflow. Our article How to budget to save more and the government’s MoneySmart budget planner are great starting points.

• Seek financial counselling: Free, confidential advice can help you manage bills, deal with debt collectors, and access government support. Check the government’s MoneySmart website to find a counsellor.

• Check your insurance: Many super funds, including Triple S, include Income Protection and Total and Permanent Disablement insurance cover (including Terminal Illness)*. You may be able to make a claim depending on your situation.

We’re here to help

If you’re thinking about early access to super, or if you’re unsure about your options, reach out to us. We can guide you through the application process and answer your questions about eligibility.

^{*Conditions apply. Contact us for more information or refer to our Triple S insurance fact sheets.}