Super is designed to help you save for your future, so it’s ‘preserved’ for much of your working life. You can start accessing your super once you reach your ‘preservation age’ – this is age 60 for everyone, unless you were born before 1 July 1964 in which case you’ve already reached your preservation age.

One notable exception is the First Home Super Saver Scheme, a government program that allows you to withdraw certain personal contributions (along with the associated earnings) to help you purchase your first home.

As you approach retirement – or once you’ve retired – you can turn your super into regular, tax-advantaged income with a pension account. Depending on your circumstances, this includes the ability to make lump sum withdrawals if you need the cash – say, for a car or an overseas trip.

Vanguard Super offers two pension accounts: these are called TransitionSmart (which is our TTR account) and SpendSmart (which is our ABP account).

Each can turn your super into regular income. But they work in slightly different ways, depending on whether you’ve got a few more years until retirement, or you are about to (or have already) retired.

Finally, in certain circumstances you might be able to access your super early. For example, in the case of severe financial hardship, compassionate grounds or terminal illness – but there are rules around this.

When can I start accessing my super?