Accessing funds in your super

If you have fallen on financial hardship, accessing up to $20,000 from your super fund is just one of several ways you can get help. For those who are eligible you can apply through MyGov from 20 April. However, just because you can, doesn’t mean you should –  and we urge you to speak with your financial adviser if you are considering this as an option to help you manage your current financial situation.

Withdrawing funds from your super now can have significant long-term impacts, and can potentially reduce the amount of funds available for retirement or delay retirement plans. This means a simple withdrawal can cost you much more in future earnings depending on your age.  In addition, many super balances have dropped considerably with market volatility in the past months and by withdrawing funds now you can be realising those losses.  It also means you can potentially miss out when the market recovers.

It’s also important to be aware of the impact of a withdrawal on any life insurance you have through your super, such as total and permanent disability. Early withdrawals from super may have unintended consequences such as cancellation of your insurance policies.

If you are experiencing financial hardship please get in touch so we can understand your circumstances and guide you through all the available options.

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