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Super is designed to provide for you in retirement, but this limited access legislation is to help people who are genuinely in financial hardship due to the impact of the Coronavirus situation.
BSc. Econ, BCom, MBus
Authorised Representatives of Millennium Three Pty Ltd
ABN 61 094 529 987
AFSL 244252
To lessen the financial impacts of the Coronavirus situation, the Government is allowing people who are eligible to access up to $20,000 (in two lump sums) of their super for a limited time. Super is designed to provide for you in retirement, but this limited access legislation is to help people who are genuinely in financial hardship due to the impact of the Coronavirus situation.
Generally, financial hardship is when the money you earn or the money you receive from the Government does not meet your family’s living expenses such as bills, groceries, rent or your mortgage repayments.
More specifically, during the current crisis the Government considers you eligible for early access to your super if:
Before accessing your super early remember, super is designed to provide you with savings when you retire. So, by accessing your super now, you may significantly reduce your retirement savings.
Although getting cash from your super may provide short-term benefits, you will no longer generate investment returns, which could increase your savings further.
Below is a table that displays how much you would lose in your super if you were to withdraw $20,000 now. designed to help us understand the impact of withdrawing super now, depending on your age if you retire at age 67.
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Perspective Wealth Management Pty Ltd
ACN 639 529 749
Trading as Luck Financial Group is a corporate authorised representative of Millennium3 Financial Services Pty Ltd
ABN 61 094 529 987 – AFSL 244 252
The information displayed on this communication is a summary only and should not be construed as investment advice or securities recommendations. It is prepared for general information and not having regard to any particular persons investment objectives, financial situation or needs. No recommendation (express or implied) or other information should be acted on without obtaining professional advice. You are encouraged to consult a financial planner before making any decision as to how appropriate this information is to your objectives, financial situation and needs. Also, before making a decision, you should consider the relevant Product Disclosure Statement available from your financial planner. This website is for Australian residents only.
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