Why you should think before withdrawing your super
During this uncertain time, Super has continued to be one of this country’s greatest success stories – offering insurance, advice and an opportunity to invest in Australian businesses.
This year, Australians have withdrawn over $29 million out of their superannuation funds to cope with the coronavirus pandemic.
If you’re in financial difficulty because of the coronavirus pandemic, accessing your retirement savings should be used only as a last resort.
Removing super from your account now could leave you worse off in the long run and diminish the long-term benefits.
Any insurance cover you have may end if there isn’t enough in your account to cover insurance premiums.
According to CHOICE, $20k in super today could become about $50k in retirement for a 30-year old.
Before you make a decision, it’s important you know all the options including increased payments that are available from the government.
Your super fund can help with advice regarding retirement planning, but you can also get financial advice and counselling from other sources such as the free National Debt Helpline on 1800 007 007.