The Government will allow individuals in financial stress as a result of the Coronavirus to access up to $10,000 of their superannuation in 2019-20 and a further $10,000 in 2020-21. Eligible individuals are only those individuals that are eligible to receive the Coronavirus supplement plus sole traders or a casual employee who has had a 20% fall in their income due to the Coronavirus.
The question is, is it right for you? Obviously, everyone’s situation is different, so if you are considering taking money from your super early, give us a call so we can take you through the pros and cons based on your individual circumstances. The table below shows the impact that withdrawing $10,000 from your super could have on your retirement balance.
Calculations are estimates only and will differ depending on individual circumstances, investment choices, superannuation fund performance and other factors. This is a general guide only and should not be taken as financial advice. Assumptions based on retirement age of 65, in an accumulation fund with an average of an 8% annual return.
This is just a general example that doesn’t take into account your personal goals and circumstances, for further information based on your individual circumstances or for any advice regarding your super, please don’t hesitate to call.