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Are you taking out some of your Superannuation during Covid-19?
Answered 4 years ago
Wondering how may families are doing this.
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ANSWER
4 years ago
Yes, put it on our mortgage
ANSWER
4 years ago
Need new car to go to work and save lives in hospital as a surgeon
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4 years ago
Doesn't your surgeon income cover that?
Most surgeons i've met have expensive cars
Most surgeons i've met have expensive cars
ANSWER
4 years ago
No
I am not losing $30k when I retire
I have 20 years till retirement and have $660k
I am not losing $30k when I retire
I have 20 years till retirement and have $660k
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4 years ago
^I'm glad there are some people are still doing ok but it's really sad some arent
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4 years ago
Im curious how rhis person has so much super? My hubby earns $280k a year and has about $300k super with 20 years until retirement.. ..
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4 years ago
And there I was worried about $750,000 in our super
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4 years ago
Have 2 super accounts
Lump sum and triple s
Lump sum and triple s
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4 years ago
$208k ? 😂😂
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4 years ago
You'll need more than that
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4 years ago
They may have more super because they contribute more. You know you can add to it yourself, right?
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4 years ago
I'm 33 , i lost $10k last month but only had $50k in there. I have less in there now than i did end of last financial year.
I dont know how you accumulated 600 so quick but good on you.
The way australians keep voting, there will probably be no aged pension when we're old enough anyway
I dont know how you accumulated 600 so quick but good on you.
The way australians keep voting, there will probably be no aged pension when we're old enough anyway
ANSWER
4 years ago
Yes we don’t plan on using it anyways.
It was always just going to be a cherry on top thing (and not much of one since we are planning on retiring at 40 which is in 5 years) Hubby only has 10 years of super and works part time and probably will till he retires.
I am self employed and am a beneficiary. I only have about 4 years worth of super at a low income.
We don’t need it either way so we may as well take the opportunity to get everything done we had planned over 4 years done.
We took 15k out. It’s been a lot of fun this week planning.
It was kinda an unforeseen perk of this whole situation
It was always just going to be a cherry on top thing (and not much of one since we are planning on retiring at 40 which is in 5 years) Hubby only has 10 years of super and works part time and probably will till he retires.
I am self employed and am a beneficiary. I only have about 4 years worth of super at a low income.
We don’t need it either way so we may as well take the opportunity to get everything done we had planned over 4 years done.
We took 15k out. It’s been a lot of fun this week planning.
It was kinda an unforeseen perk of this whole situation
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REPLY
4 years ago
How can you retire at 40 if you have hardly any super?
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4 years ago
She’s inheriting a lot of money/property/trust fund as I interpreted it
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4 years ago
Self funded retirement.
And I’m a beneficiary if my self funded retirement falls through.
And I’m a beneficiary if my self funded retirement falls through.
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4 years ago
Seeing as we are sharing stories....Hubby and I are early 40s, already retired with no need to touch our super. I inherited a shitload when my dad died (cash and property), we've made our own money in the meantime and hubby is set to inherit another shitload when his mum passes away. We're set for life
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4 years ago
^ that’s awesome
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4 years ago
I don’t know the convo got taken by those who are accessing for the wrong reasons? Typical
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4 years ago
Why is it a wrong reason? It’s a bit wrong they had all this money taken off them that they can’t access when they’ve been responsible enough to not need the government to retire. I wish I was in that position. More power to them. Take as much as you can out I say.
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4 years ago
Who exactly is withdrawing it for the wrong reasons?
ANSWER
4 years ago
Yes, such uncertain times we could have anything happen and superannuation can be wiped out altogether so best get it out now and use it rather than having nothing at all later
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4 years ago
If you leave it where it is, it will recover eventually. Taking it out means it's gone for good and you'll have less in retirement
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4 years ago
But what if by the time you get to retirement and would have been able to access it, superannuation won't be there anymore? Such uncertain times and anything could happen. The super fund could go under and then you'd be left with nothing anyway after all these years of saving. So best use the money now while its there
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4 years ago
It’s been uncertain times since the beginning of humanity. Seriously think about it, it’s more to do with media. I remember being 16 thinking about taking my money out when 9/11 hit..I remember asking my history teacher-
ANSWER
4 years ago
I have. And I will not be shamed for it.
We will continue paying our expenses.
And keep a roof over our heads. We have earned this.
When we are old then we should go onto the same payment as refugees.
We will live like royalty.
We will continue paying our expenses.
And keep a roof over our heads. We have earned this.
When we are old then we should go onto the same payment as refugees.
We will live like royalty.
ANSWER
4 years ago
yep I took out $10k. I’ll be taking out more after July too! I mightnt even make it to 70.
ANSWER
4 years ago
Yes, because I had no choice. If I hadn't we wouldn't have a roof over our heads. I only withdrew $5000 and am grateful I could even though it's not great long-term.
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4 years ago
Once things get better and people are back working I'm planning on adding the 5k I took back with tax returns and extra money within the next 2 yrs or so hopefully if I get a job once this is all over. It's not ideal long term but if you aim to return some or most of what's taken out if you can then it's not so bad come retirement. But it's a good short term solution for heaps of people struggling right now
ANSWER
4 years ago
I only have 5k in there. Haven't worked much between kids and mid 20s. I'm pulling the 5 to get us ahead in rent and repayments because I know my husband's work is about to slow right down and we need to survive still.
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4 years ago
How? I’m trying to do the same for mine, could access my husbands but not mine because there is only 5 k
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4 years ago
IDK but it was approved instantly did it last night it said finalised straight away.. I got the message this morning saying approved now wait 5 business days for the money. I've not worked for about 3/4 years so had no contributions in a while, so maybe it was easier to assess seeing as I obviously am unemployed
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4 years ago
How did you apply?
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4 years ago
Through mygov on the ato portal bit they've added a corona virus super release section
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4 years ago
Thank you my friend x
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4 years ago
Yes, it is super (!) quick. I applied on a Wednesday and had the money on the following Tuesday.
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4 years ago
I posted this reply originally. Approved ato sms next morning (Thursday), funds released msg recieved today (Tuesday) so about a week total turn around between application and recieving funds once they clear to me within a day or 2 from this morning.
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4 years ago
*with Ausfund (the lost super fund as my super was inactive)
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4 years ago
Yes, it can help a lot right now.
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4 years ago
Anyone saying they won’t touch it obviously doesn’t NEED to!
I have been left with $1000 in mine after withdrawing $8000.
I NEED it now.
I made a withdrawal from it a few years ago for hardship and surgery.
I don’t have insurance as part of my super anymore but I have a decent life insurance so my children will be looked after if they worst happens to me.
I’ll worry about retirement later 😁
I have been left with $1000 in mine after withdrawing $8000.
I NEED it now.
I made a withdrawal from it a few years ago for hardship and surgery.
I don’t have insurance as part of my super anymore but I have a decent life insurance so my children will be looked after if they worst happens to me.
I’ll worry about retirement later 😁
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4 years ago
It's really upsetting that for some people it's come to this. I hope things get better for you xx
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4 years ago
I dont *need* it but i don't not need it. If that makes sense. I'm on maternity leave, my paid parental leave is up, and my husband's hours are reduced to 20 hours a week. I have applied for family tax benefit which we normally claim end of financial year but it's still awaiting assessment. I can't get another centrelink payment, so i think that disqualifies me anyway, and i do have a job to go to in a few months. But right now is struggle city, but who's to say we will have an aged pension when we retire with the way things are going now
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4 years ago
If your husbands hours are reduced to 20 per week and you are not working you can both apply for jobseeker no questions on assets and no need for separation certificates.
If your husbands hours have reduced by more than 20 percent he can access 10k of super now and 10k in July,
You only need to be unemployed right now to access super from your super fund. Questions are basic and in takes 5 min on my gov.
If your husbands hours have reduced by more than 20 percent he can access 10k of super now and 10k in July,
You only need to be unemployed right now to access super from your super fund. Questions are basic and in takes 5 min on my gov.
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4 years ago
Well.... obviously. I answered no because I am thankfully not in the position to. I’m sorry for anyone who has to.
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4 years ago
No, it’s not worth losing so much potential super for when I retire. Yeah I’ll probably take a hit on current situation but I still have 35-40yrs before I retire.
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4 years ago
Yes but due to the fact I have also been hit with DV during this time and can’t get a job now
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4 years ago
I hope it helps you ❤️❤️❤️
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4 years ago
We'll see how we're travelling but not at this stage. We have a decent savings that we probably won't need to:)
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4 years ago
I thought about it but then looked ahead to how that withdrawal could affect my overall amount at retirement time and decided to tough it out.
Its understandable why people would be though.
Its understandable why people would be though.
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4 years ago
Yep, i have no super now, plus lost the insurance, scary
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4 years ago
No
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4 years ago
No, it already took a $9000 hit earlier this year, and then several hundred dollars in fees while i had no income. And i only had 48k to start with 😢
So definitley not
So definitley not
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4 years ago
Absolutely not
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4 years ago
Hell no!
ANSWER
4 years ago
No, not going to touch it!