Skip to Main Content
 
rawpixel 620230 unsplash
Media Releases

Grattan confirms the millions accessing their super could have less in retirement and are more reliant on the pension

  Published: 07 Aug 2020

Millions who accessed the COVID early release super scheme, and don’t top up their savings, will be more reliant on the pension and still have less income in their golden years, according to the Grattan Institute.

This prospect creates a generational rift between those just getting by on the meagre aged pension against their children lumped with paying for their parents’ retirements.

The think-tank’s retirement modellers have confirmed that of the 2.9 million Australians who have accessed their super early - the lowest income earners will be hit hardest. The bottom 20 per cent of wage earners will lose $3000 a year in retirement and have little or no change in their age pension entitlement because they are already on the full rate.

The bleak outcome is still evident despite Grattan’s retirement income modelers relying on some highly questionable assumptions about the adequacy of retirement incomes before COVID-19.

*The above material, whilst correct at the time of publication may include references or statements which are no longer current.

Got a topic you'd like to read about?

Thank you for your topic suggestion.

The message has been sent succesfully, check back soon to find if we wrote about the topic you suggested.

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

To learn more about one of the Industry SuperFunds below click on their logo.

What's your question?

warning Your question will be sent directly to the fund you select

Talk to someone who knows how to help

warning Your question will be sent directly to the fund you select

  • You will be called back at the next available opportunity.

Thank you for your enquiry

An error has occurred

Due to a technical fault we are unable to to submit your form at the moment. Please try again later.

Additional details:

I'M READY TO CHOOSE A FUND