You can access your super early in certain circumstances, but it will erode your retirement savings. (Unsplash: Fabian Blank)
Australians are generally required to keep their super locked away until retirement, with early access allowed only in a narrow set of circumstances.
But exactly when and why people should be able to dip into their retirement savings has become a renewed political battleground recently.
One Nation leader Pauline Hanson has called the current system "broken" and argued that Australians who are facing mortgage and cost-of-living pressures should have greater access to their super.
Liberal senator Andrew Bragg has also recently renewed his long-running criticism of compulsory superannuation, telling the ABC last week: "[Super] is one of the biggest public policy failures since Federation."
"It hasn't helped the budget, and it has not really helped many people get off the pension. What it has done is it has created a huge viper's nest for banks and financiers and unions to pilfer," he told the ABC.
The superannuation industry has traditionally resisted proposals to use compulsory super more broadly for housing and cost-of-living relief, arguing that early withdrawals would erode retirement savings without addressing the underlying problems.
"Raiding super doesn't actually fix cost-of-living pressures; it just shifts it from now, when people are working, to retirement, when they aren't," said the Association of Superannuation Funds of Australia's chief executive, Mary Delahunty.
So when can you access your super early? What are the rules?
The simplest rule is that once you turn 65, you can access your super even if you are still working.
People can also access their super earlier if they have reached their preservation age and retired. Preservation age depends on when you were born, ranging from 55 for people born before July 1, 1960, to 60 for anyone born from July 1, 1964.
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In practical terms, the preservation age for younger Australians is now 60.
Someone who has reached preservation age but continues working can also potentially start a transition-to-retirement income stream, which allows them to draw some income from their super without fully retiring.
Canstar data insights director Sally Tindall encourages people to obtain advice if they are looking to access their super early.