Early super withdrawal
The future is uncertain.
In 2020 the possibility of accessing superannuation to meet essential payments during and after the pandemic came at a cost of reducing future spending levels. Withdrawing from your superannuation before retirement will always have that effect.
This report allow you to easily understand the important decisions that need to be made about your superannuation strategy if withdrawal is possible, what you can do now to improve your position, and have a low cost, easy to use, plan for the future.
What is the impact of withdrawing from your super?
mProjections projects the likelihood of the impact of taking funds out now from longer term Super benefits.
Why should you care?
The pandemic has laid bare the challenges of unstable employment on our lifestyle and choices. The Australian government’s early release super scheme can provide vital short-term assistance for members, but this comes at the cost of reducing long term superannuation outcomes.
- Members aged 25-39 are left with a median balance of $3,609 (68% decrease) after withdrawing funds from their super,
- A high proportion of young women have decreased their balance by about 60-78% and women aged 55+ years old are the fastest-growing group of people experiencing homelessness, and
- The statistic in the Press “that you could lose $120,000 in Super at retirement” is, in our opinion, misleading and far too high.
Subscribers, get your report here
How we can help you
Our projections assess the impact by taking into account the factors that our regulatory authorities require, eg inflation, and spread the impact over fortnightly payments in retirement for 25 years.
Act now by investing in a 12 month subscription that gives you access to all our Reports and to on-going updates such as:
- Out of workforce (including being unemployed now)
- Optional direct access to actual asset allocation of fund, e.g. by your SMSF’s accountant or super fund manager
- More asset classes and asset allocation discussion
- Retirement report
- Goal-directed investments with education as one of the goals.
Super Report Features
Our financial model provides a confidential report on the impacts of early super release based on current superannuation fund size, employer’s contribution, age, and asset allocation.
It assesses the costs of before and after withdrawing between $1,000 to $20,000 ($40,000 for 2 persons) from super on the four features above. We also show the effect of changing the investment option after the withdrawal, which may have possible benefits.
We provide a comprehensive outline of our assumptions and modelling. Find out the effects of accessing super to help decisions now.