Preservation age explained: What it means for accessing your super

Other than in exceptional circumstances, the earliest you can access the retirement savings you have accumulated in super is when you reach your preservation age. 

Your preservation age depends on your date of birth, as outlined below.

On 1 July 2024, preservation age reached 60 for any person who had not already attained it. At the same time, any person who had previously reached preservation age was at least 60 years old.

This means that if you are 60 or more, you have reached your preservation age. If you are under 60, you have not.

What does preservation age mean?

Preservation age is so-called because your super benefits are usually ‘preserved’, or locked away, until you reach your preservation age. Super benefits are simply the sum of all contributions made by you or your employer over the years, less fees and taxes, plus investment earnings.

If you made voluntary contributions to super before 1 July 1999, you may have some non-preserved benefits that can be accessed without reaching preservation age or meeting any special conditions. Any non-preserved amount will appear on your super statements. Just to confuse matters, your preservation age is different from the Age Pension eligibility age. The Age Pension eligibility age depended on your date of birth but increased to 67 from 1 July 2023. The preservation age for all Australians is therefore much lower than the Age Pension eligibility age.

It’s also important to understand that your preservation age is also not necessarily your retirement age, though it can be if you choose.