Depending on your fund's rules, you may be able to withdraw some or all of your superannuation (super) as a lump sum. If so, you can take all your super in one go, or as multiple lump sum payments over time.
Super lump sum
If your super fund allows it, you may be able to withdraw some or all of your super in one or more 'lump sum' payments. However, if you ask your fund to make regular payments from your super it may be an income stream. Once you take a lump sum out of your super, it is no longer considered to be super.
If an employee wants to withdraw superannuation at the time of resignation, then the entire amount is taxable. For non-government employees, premature withdrawal from NPS is possible after 5 years of mandatory subscription. If the corpus amount is less than Rs 2.5 lakhs, then 100% withdrawal is possible.
On 1 July 2025, the general Transfer Balance Cap — the limit on how much you can move from your super into the retirement phase — will increase from $1.9 million to $2 million.
In the organisation's super balance update, it found 2.5 per cent of the population have a super account of more than $1 million, as of June 2021. This represents 417,567 individuals, ASFA said, and is a 29 per cent increase from the 322,200 individuals who held over $1 million in June 2019.
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Now that we know an investment growing at a compound rate of 7% a year will roughly double in value every ten years, imagine how your money will grow over 40 years or more. That's the simple but powerful concept behind super.
You can access your super as long as you've permanently retired. And if you leave your employment on or after you turn 60, you can also access the super you've earned up until then. Not ready to retire? You could use some of your super while you're still working, with a Transition to Retirement Income account.
You may get early access to your super in specific circumstances: Severe financial hardship. Terminal illness or permanent disability. Compassionate grounds like medical treatment.
The 3-year bring-forward rule allows Members in an SMSF to contribute more than the Non-Concessional Contribution (after-tax Contributions) cap of $120,000 during a 3-year financial period from 1 July 2024. From 1 July 2021 to 30 June 2024, the non-concessional contributions cap was $110,000.
You could take your whole pension pot as one lump sum. But 75% of it is taxable in the same way as other income like your salary. So, by taking it all in the same tax year, you could end up with a big tax bill. Plus, you'll need to plan how you're going to provide an income for the rest of your life.
A lump sum withdrawal is a cash payment from your super savings to your bank account. You can request to withdraw a lump sum from your accumulation (Future Saver) account if you've met certain conditions set by the Government.
A monthly pension payment gives you a fixed amount every month over your whole life, so you don't have to worry about changes in the stock market. In contrast, a lump-sum payout can give you the flexibility of choosing where to invest or save your money, and when and how much to withdraw.
Meeting a "Condition of Release"
Can you retire on $800k? Yes, $800k provides a healthy nest egg that allows for annual withdrawals of around $60,000 or below, spanning 20 years. If this is sufficient to cover your retirement lifestyle, then $800k gives you an adequate buffer.
You can retire at 65 with $500,000 and this will provide you with an annual income of $51,000 (increasing with inflation) until age 95 if you are single, and $64,000 until age 95 if you are a couple. The charts below illustrate your investment balance over time. Related Article: How Much Super Do I Need to Retire?
There were 1,918,618 total retirement accounts (including employer-sponsored plans and individually controlled IRA savings and investment accounts) with balances of at least $1 million as of September 30, 2025. The average account balance for these retirement millionaires was $2,388,409 as of September 30, 2025.
A comfortable retirement will look different for everyone. While 7 figures in superannuation may sound great, the reality is most people heading into retirement won't have anywhere near that amount. Australians aged between 60-64 have an average super balance of $401,600 for men and $300,300 for women1.
You need to tell us if you access your super early. You can tell us by calling us on your regular payment line and in some cases updating your details online. Early release of super for you or your partner may reduce your Centrelink payments.
The $1,000 a month rule is a simple guideline that can help you estimate how much savings you need to generate sustainable income. According to this rule, for every $1,000 in monthly retirement income you want, you should aim to have about $240,000 saved.
When asked when they plan to retire, most people say between 65 and 67. But according to a Gallup survey the average age that people actually retire is 61.
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