Early access to superannuation over coronavirus should be last resort – advocates

Drawing down $20,000, the maximum allowed under new super rules, would cost a year’s worth of retirement income
Queues at Centrelink and MyGov crashes ahead of shutdownsPeople should draw down on their superannuation to pay bills during the coronavirus crisis only as a last resort, consumer advocates say.
Super Consumers Australia, a division of consumer advocacy group Choice, says drawing down the maximum $20,000 over two years, allowed under new rules introduced by the Morrison government on Sunday, will cost about $30,000 in retirement income, or about a year’s worth.
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Drawing down $20,000, the maximum allowed under new super rules, would cost a year’s worth of retirement income

People should draw down on their superannuation to pay bills during the coronavirus crisis only as a last resort, consumer advocates say.

Super Consumers Australia, a division of consumer advocacy group Choice, says drawing down the maximum $20,000 over two years, allowed under new rules introduced by the Morrison government on Sunday, will cost about $30,000 in retirement income, or about a year’s worth.

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