Can I Access My Super Early?
Can I Access My Super Early? Call Access My Super To Find Out
‘Can I access my super early?’
If you are currently facing financial hardship, or if you have a considerable expense ahead of you, you might find yourself asking this question. At Access My Super, our job is not only to help you answer that question, but also to help you through the process of initiating the early release of super funds. To learn more about this process and whether you might qualify, read on below.
Who Qualifies for Early Release of a Super?
The first thing to determine, if you are interested in drawing your superannuation early, is whether you might qualify for an early release. First, understand that super funds are meant first and foremost as a form of retirement savings. In most cases, you won’t be able to access them until you reach a certain age (typically between 55 and 65) and retire from working. However, there are also several circumstances under which you may qualify for early release of superannuation funds. These include:
- Incapacity: If you suffer a severe injury and are either temporarily or permanently incapacitated and unable to work, you may be able to draw upon your super fund early for financial relief.
- Terminal medical condition: If you have been diagnosed with a terminal medical condition and are unlikely to survive for more than two years, you can likely access your super early.
- Compassionate grounds: For instance, if you need to pay for an expensive medical treatment but do not have the money to cover the cost, you may qualify for early super release on compassionate grounds.
- Financial hardship: If you are facing severe financial hardship and are unable to pay for your living expenses—even with the help of Commonwealth benefits—you can apply to release your super early.
Other situations where you might seek the early release of your super include 1) if you are leaving Australia permanently or 2) if the balance of your super account is very low (less than $200).
I Need to Access My Super Early; Do I Qualify on Compassionate Grounds?’
If you are saying to yourself ‘I need to access my super early,’ most of the circumstances discussed above should be fairly straightforward. The most confusing is ‘compassionate grounds,’ which strikes many people as vague when they are researching early superannuation release. Here are a few cases that would likely qualify under compassionate grounds:
- Medical treatments: If you or a dependent requires an expensive medical treatment that you cannot afford, that will typically be eligible under compassionate grounds. Examples include in-vitro fertilisation and expensive surgeries.
- Mortgage assistance: If you have been unable to make payments on your home and the property is about to be sold by the lender or council to settle your debts, you may be able to apply for mortgage assistance under compassionate grounds.
- Special needs: Say you need to modify your home or vehicle to accommodate a child with special needs. Such a situation would likely qualify as compassionate grounds.
How to Access a Super Early with the Help of Access My Super
If you search ‘How to get my super early,’ you will see that the process for doing so is relatively complex and involves obtaining approval from both the Australian Taxation Office (ATO) and your super fund. At Access My Super, we can make the process easier by guiding you through it one step at a time. We are extremely knowledgeable about the different grounds for early superannuation release and are here to help you figure out how to access a super early. Here’s how we can lend a hand:
- Learning about your situation: Our professional and compassionate team will work with you to understand your situation and determine the answer to your question of ‘How can I access my super early?’ We identify the best grounds for your claim and then work through the process of making it.
- Letting you know what you need: For certain types of early super requests, you may need other documents or assets, such as certified statements from medical practitioners. We can let you know what is required for your application so that there is no confusion anywhere.
- Lodging all relevant requests: Don’t worry about dealing with the ATO or your superannuation fund. We handle that entire side of the process on your behalf.
Can I Access My Super Early? Use These Resources to Learn More
Still confused about the ‘getting my super early’ process? We have a range of resources on our website to help you. Check them out below:
- Brief: Early Access to Your Super
- In-Depth: Steps in Accessing Your Super Early
- Accessing your super for dental funding
- Accessing your super for IVF
- Accessing your super for funeral or memorial costs
Check our ‘Services’ tab for even more information about accessing your super early for specific situations.
Why Trust Access My Super for Early Release of Your Super
Whether you are still in the early research stage of asking ‘Can I access my super early?’ or moving into the more complex application part of the process, Access My Super can help. Clients across the nation have counted on us for assistance and advice on early super access in a variety of situations. You can trust us too! Contact our team today to get started.