Retirement Frequently Asked Questions

Looking to retire or starting to think about it? Take a look at our retirement frequently asked questions below.

When can I access my Super?

You can access your super when you have retired and reached your preservation age, which is anywhere between the age of 58 and 60, depending on your date of birth. Once you reach the age of 65 you receive unrestricted access to your super. In certain circumstances you can access your super benefits earlier than your preservation age, such as in cases of severe financial hardship or permanent disability.

Learn more about Australian retirement age

Are investment earnings in Super taxed differently when I retire?

In an accumulation and Transition to Retirement (TTR) account, investment earnings and capital gains are taxed at a maximum rate of 15%. Some capital gains may be taxed at the concessional rate of 10%. In a Retirement account, investment earnings are tax-free.

How will I be taxed when I withdraw money from a TTR or Retirement account?


Aged over 60

Aged under 60

TTR account (pension payments only)


Marginal tax rate (plus the Medicare levy), with a 15% offset

Retirement account



*Withdrawals from a retirement account are generally tax free, however tax may apply when you withdraw a total amount above the low rate cap (currently $230,000 for 2022/23 financial year) from super, before you reach the age of 60. The low rate cap is indexed annually.  For up to date low rate cap information please visit

Is there a limit with how much I can withdraw with a TTR account?

A Transition to Retirement account allows you to continue to grow your super even after you reach preservation age and are still working. You can only access your super in the form of an income stream, which is capped at a maximum of 10% of the 1 July balance each financial year.

For the 2019-20 to 2022- 23  financial years, the minimum pension payment has been reduced by 50% of the standard pension rate as part of the government’s response to COVID-19.

Read about Transition to Retirement pensions

Can I still contribute to my super when I retire?

If you're aged between 67-74, you no longer need to satisfy a ‘work test’ before making non-concessional contributions and salary sacrifice contributions to your superannuation. 

However, to claim a tax deduction on a personal contribution, you will still need to satisfy the work test requirement. Refer to the ATO for eligibility requirements.

You also have from age 67 to the year you turn 75 to bring forward non-concessional contribution caps if the total super balance and remaining contribution cap allows it.

Learn more about contributing to super after 65

Will my super automatically switch over to a retirement account when I retire?

Your superannuation doesn’t automatically convert to a pension when you reach retirement age. You generally need to instruct your superannuation provider on what you would like to happen, and you have a range of options for this. Some Australians may choose to take their superannuation savings as a lump cash sum for their bank account, while others transfer their money to retirement products like an account-based pension (also known as an allocated pension) to provide a regular income stream from the money saved in their superannuation.

Read about making the most of your retirement finances

How much of my super can I transfer to retirement phase?

The maximum amount you can hold in a retirement phase product like an account-based pension is $1.7 million. For some, this may mean that you retain much of your savings within the accumulation environment instead.

Read about making the most of your retirement finances