If you are experiencing financial hardship, you may be able to access some of your super early. The government has provided a significant program of wage stimulus measures, including increasing welfare support payments, which members should consider accessing before tapping into their own super. You can read about these here.
Alert: It has been reported that some real estate agents have been advising tenants to withdraw from their super early to pay their rent. This is illegal, and ASIC have warned that agents who are found to be doing this can face hefty fines or jail time for providing unlicensed financial advice that is against tenants’ best interests.
What could you stand to lose?
If you are experiencing financial hardship, you may be able to access some of your super early. But this may impact your final retirement savings. See below for information on what this could mean for you.
The Federal Government has introduced changes allowing people financially impacted by the coronavirus to access up to $10,000 of their super in 2019-20 and a further $10,000 in 2020-21. These changes are in the process of being implemented. For further information you can click here.