Early access update
27 July 2020
The Federal Government has announced an extension to the early access superannuation scheme.
Eligible Australians will be able to apply for up $10,000 of their superannuation until 31 December 2020. The original cut-off date was 24 September 2020.
Additional information can be found via the government’s latest fact sheet.
Applications for early access can be made via the My.Gov website.
Accessing your super early
The Federal Government recently introduced a new condition which allows for early release of super for people who have been financially affected by the coronavirus. Under this condition, you can receive a payment of up to $10,000 from your super in the current, 2019-20 financial year* and a further payment of up to $10,000 in the 2020-21 financial year*.
However, although these measures can offer financial relief now, there are some things you should consider before deciding if it is right for you.
If you access super early, what does it mean in retirement?
If you access $10,000 of your super
If you intend to retire at 65 years old, and you access $10,000 of your super today, below are some estimates of how much less you might have when you retire.