To be eligible to access your superannuation early you must meet the following criteria:
If you pass the eligibility criteria, you need determine whether accessing your superannuation is the best option available to you. Some things to consider include:
Before you withdraw any superannuation, talk to your bank or lender about how they can help.
You may be eligible for a range of Government payments designed to help you during the COVID-19 crisis. These include:
Your superannuation is your savings for retirement, so any withdrawal now will have an impact on the money available when the time comes to retire. Here are some examples:
The bottom line is you need to be able to pay back your retirement or there could be losses that could impact your quality of life in retirement.
You should consider talking to a financial planning expert to understand the implications of withdrawing money from your superannuation. A Certified Financial Planner will be able to assess your personal circumstances and determine whether accessing your superannuation early is the best option for you. Making a decision that is wrong for you now could have lasting consequences into your retirement.Let's Talk