Early Access to Your Super

[Deactivated] on 05/04/2020 - 21:26
Last edited 05/04/2020 - 22:03

This will be available as from the 20th of April but you can register your interest now by logging in to your myGov account and following the Intention to access coronavirus support instructions.

Has anyone done it or planning to do it?

Is your situation so dire that you couldn't make ends meet without it?

JJB

Added a poll : Are you going to access your super? Why?

Edit: The tax loophole

To take advantage of the tax loophole, beneficiaries would need to fit into a rather specific cohort of earners:

  • qualify for early release of super, which means having been made redundant in the coronavirus crisis or, in the case of sole traders, having lost at least 20 % of turnover.
  • a working-age individual who is on 9.5% compulsory super contributions,
  • has an annual salary below $158,000,
  • has made no previous voluntary contributions to super in 2019-20, and
  • who elected to make a “simultaneous” (within 2019-20) pre-tax contribution to and withdrawal of the maximum possible $10,000 from super over the next three months.

As long as an individual in this situation has an annual income of approximately $30,000 or more, there is a prospective tax saving from rearranging his or her financial affairs over the next three months.

Poll Options

  • 38
    Yes, I need the money.
  • 19
    Yes, for the tax loophole.
  • 145
    Nope, terrible idea.
  • 11
    Other
Financial Superannuation

Comments

  • poboy on 05/04/2020 - 21:27
    +11

    No. Terrible idea. Can't believe it's allowed.

    • brendanm on 05/04/2020 - 21:30
      +4

      This. With the amount to cash the government is throwing about, there would be no need to do this.

  • Ryanek on 05/04/2020 - 21:34
    +10

    If you're 35 years old, withdrawing 20K from your super now will cost you about 80K when you retire.

    • Prince K on 05/04/2020 - 22:14
      +2

      Sorry for being a noob, but I don't really understand this. I started working casually 5 years ago and have 2k in my super. I cancelled the insurance but seems like the fees are taking more than what I earn… I'm contemplating just taking it out solely to avoid the fees

      Should add that I had 1k in my super in the 1st year, then worked cash job (no super) for 2 years. On my 3rd year to find that I have $0 in my super…

      • rheem on 05/04/2020 - 23:16

        It might be worth having a look at some lower fee funds. High fees can make a big difference over time.

    • Ash-Say on 06/04/2020 - 04:10
      +4

      If someone is in financial stress, they should access the super(at least $10k) to get some relief.

      If you are 35 year old, what's the gaurantee that you will live long enough to reach the super age?

      • Ash-Say on 06/04/2020 - 09:31
        +3

        Good to know all neggers have a gaurantee that they will live till super age.

    • chhola on 16/04/2020 - 18:16

      How does this equation work? Can you elaborate please?

    • SheepshearingReyrey on 04/06/2020 - 22:45
      +2

      You are assuming people who take the money out would blow it, what if they invest the money into properties or other more desirable investment portfolios?

      also, you can always put the money back next year as an after-tax contribution, not only can you use it for deduction but also earn some government co-contribution if you're eligible.
      It's definitely a great idea to withdraw your super. Noted that capital has its time value.

      • Ryanek on 05/06/2020 - 08:29

        You have to prove that you are eligible to withdraw it. Those that are eligible are going to need that cash.

        • whooah1979 on 05/06/2020 - 10:05

          People that are eligible can withdraw the full $10k and use only a small % for necessities. They're free to use the majority of the remaining funds to invest in other markets.

          The easiest way is to reduce one's working week by one day.

          You are unemployed.
          You are eligible to receive one of the following
          jobseeker payment
          youth allowance for jobseekers (unless you are undertaking full-time study or are a new apprentice)
          parenting payment (which includes the single and partnered payments)
          special benefit
          farm household allowance.

          On or after 1 January 2020 either
          you were made redundant
          your working hours were reduced by 20% or more (including to zero)
          you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.

  • funnysht on 05/04/2020 - 21:34

    Terrible idea

    Super is prob now at its lowest.

    • ozbking on 06/04/2020 - 20:11
      +1

      Not if you converted completely to cash in Feb. I was 1 week early before peak though….

    • BobCobb on 10/04/2020 - 15:57

      You must be joking.

  • bobbified on 05/04/2020 - 21:56
    +5

    For those so think it's a terrible idea - If you had to choose between not being able to feed yourself and your family or even be homeless, then being able to withdraw your super wouldn't sound like such a bad idea after all, would it? You can always make those contributions back when things get better.

    • brendanm on 05/04/2020 - 21:58
      -1

      Have you not heard of the new jobkeepers and jobseekers rates?

      • bobbified on 05/04/2020 - 22:12
        +3

        Of course I have!

        Someone who loses their job on a $50k salary would be getting the $1100/fortnight JobSeeker payment. Someone who was on $150k who loses their job will also be getting the same $1100/fortnight.

        The person who was on $150k is likely to have a bigger mortgage or a higher amount of rent to pay. If not that, it could be other financial committments such as private school fees or something. Regardless, it'll be a huge drop in funds and it'll take time to prioritise those prior commitments and adjust to the lower amount of available funds.

        • brendanm on 05/04/2020 - 22:31

          You know they can also out their mortgage on hold for 6 months? They could also have some kind of savings.

          If you have a large mortgage and were on $150k with no savings, $10k isn't going to do much for you anyway.

          • bobbified on 05/04/2020 - 22:40
            +2

            @brendanm:

            You know they can also out their mortgage on hold for 6 months?

            You're assuming they have their mortgage with one of the big four banks. Other financial institutions don't seem to have the same type of offer.

            If you have a large mortgage and were on $150k with no savings, $10k isn't going to do much for you anyway.

            $10k might be able to cover someone for the time it takes to sell their car or something. It could also be 2 or 3 months worth of mortgage payments.

            I'm just using a single example to highlight the fact that the ability to access super will be useful for some people.

    • ThithLord on 06/04/2020 - 09:30

      Well, to be honest, OP didn't leave a plain no option - simply put, I won't access my super. So I've selected other now

  • Shadowsfury on 05/04/2020 - 21:58

    I thought one of the other requirements on top of what you listed is showing you're actually affected (e.g. 20% cut in hours or lost your job, etc)

    • [Deactivated] on 05/04/2020 - 21:59

      Yes correct.

      They would also need to qualify for early release of super, which means having been made redundant in the coronavirus crisis or, in the case of sole traders, having lost at least 20 per cent of turnover.

      • Shadowsfury on 05/04/2020 - 22:04

        I myself am slightly affected by COVID but not enough to hit the requirements. If I did I would be doing it for the tax loophole.

        I have shared it with some friends who HAVE been affected and are likely eligible though so that they can try to offset some of the income they're losing.

        • [Deactivated] on 05/04/2020 - 22:08
          +1

          I'm not eligible for early release either and I earn above the threshold anyway. But for once that there is a tax loophole for low-to-medium earners, it would be stupid for those who are eligible not to take advantage of it.

          • brendanm on 05/04/2020 - 22:32
            +1

            @[Deactivated]: This is all I would do it for, but haven't had a downturn in hours as of yet. Suppose you could also take it out, invest it, and make more than the -30% the fund would be making this FY.

  • tio on 05/04/2020 - 22:01

    actually, if you sit down and punch in numbers, there's a minimum income threshold before you actually make any saving. For example, if your income is $30,000 (part timer, casual), your position (take home pay + super balance) after doing this would be worse. 30k is just an example, the lower threshold is higher. I don't know the higher threshold.

    • Shadowsfury on 05/04/2020 - 22:03

      Yes I saw a graph that I think the abc made on when it works out best and 30k or less you'd be worse off.

      • [Deactivated] on 05/04/2020 - 22:05
        +2

        Here's the graph

    • Prince K on 05/04/2020 - 22:28

      If I am understanding this correctly, the reason why I don't actually see any benefit in super personally is because I only earn $10k a year, the fee is not worth it?

  • tsunamisurfer on 05/04/2020 - 22:14

    Can someone shed light on the below $158k part? Or is that the eligibility cut off?

    • bobbified on 05/04/2020 - 22:21

      It's the concessional contribution caps.

    • Shadowsfury on 05/04/2020 - 22:35

      At $158K your 9.5% compulsory super is $15K. So with a limit of $25K/year, that leaves you with the $10K remaining that you can re-contribute to super consessionally

      • tsunamisurfer on 05/04/2020 - 22:48
        +1

        Thanks Jar Jar and Shadowsfury.

        I am not eligible and in excess of the $158k sweet spot.

        But if the situation arises I will consider taking up this tax benefit.

        The reason is once this blows over and the government is going to chase not the low / medium income earners but the upper tax tiers to claw some of this back.

        I am so tired of being burnt by reduced cont caps, reduced health insurance rebate, Flood Levy, Deficit Levy.

        • [Deactivated] on 05/04/2020 - 22:59

          I am so tired of being burnt by reduced cont caps, reduced health insurance rebate, Flood Levy, Deficit Levy.

          Tell me about it!

      • tsunamisurfer on 05/04/2020 - 23:02

        Just further to this I envisage the stock market will fall a bit further.

        So crystalising some losses now may not be such a bad idea.

        And even if you don't want to take the risk, you take the money and buy back in immediately and all you suffer is some buy sell differential.

        • Shadowsfury on 06/04/2020 - 09:28

          Yes I wouldn't have taken it out and left it as cash - I would have put it straight back in since I luckily don't actually need the money right now.

          Alas like I said above I'm not yet eligible (work only asking us to take a week of annual leave at this time).

  • Eeples on 05/04/2020 - 23:00

    Won’t the stockmarket fall further because funds will be selling to pay the claims?

      • tsunamisurfer on 05/04/2020 - 23:38
        +1

        Hmm…why would the gov need to lend the Fund Managers money?

        They have the assets backing the units, they just need to sell those assets at whatever prevailing price of the day.

        • TheAccountant on 06/04/2020 - 05:47

          Same as what the US is doing, central bank trying to prop up the markets by artificially inflating asset values.

        • wannagrababargain on 07/04/2020 - 16:00

          I think it's to cover the asses of the parasitic hedge funds that are outside of the super system. Following the logic of the "if everyone thought there was going to be a massive sell-off by super funds, then everyone will adjust their view of prices downwards."

          In other words, 'everyone' in the context above being the speculators, zombie funds and other parasites of the markets who merely trade in markets and produce nothing, are crying foul because they will lose their shirt when asset prices go back to a real value because super funds sell a small amount of them off to provide some cash to actual workers of Australia who are the ones who produce the real goods and services. I say let them take a haircut,, if workers are doing it tough then the zombies can lose some money too.

    • whooah1979 on 06/04/2020 - 05:39
      +1

      Take out as much as you can. You don’t want to be the last person standing holding the bag (an empty one).

    • Cheap Steve on 09/04/2020 - 22:49

      Yes, it is a major risk. A lot of the selling through March was by industry super funds selling to “cash up” for these withdrawals. Government expects $27 billion to be withdrawn but could be as high as $50 billlion. Do not expect an RBA bail out or any loans from a Liberal government to Labor run industry super funds to help fund these $10k withdrawals.

  • tsunamisurfer on 05/04/2020 - 23:05

    The only thing I want to add to this polcy is that for those who do withdraw.

    The amounts they withdraw must be taken into consideration should thye apply for any benefits like the Age Pension (indexed of course).

    There is no way someone should claim their superannuation early, blow it all, then claim the Age Pension afterwards because they have no Super.

    • bobbified on 05/04/2020 - 23:48

      The amounts they withdraw must be taken into consideration should thye apply for any benefits like the Age Pension (indexed of course).

      Are you referring to "disposal" in the assets test? It's only counted for 5 years, not forever.

  • AdosHouse on 06/04/2020 - 01:13
    +2

    I will be taking $10k out of my Super when it becomes available.

    I earn $62k a year, but because I work for ALH I am not eligible for JobKeeper. My weekly bills amount to $500 a week, before food and fuel. That includes putting money aside for annual/periodic bills. My savings will be out in 6 weeks, I wish it was longer.

    Now I have managed to get work at a Woolworths supermarket but it is only about 12 hours a week. So that isn't going to pay the bills.

    I am not optimistic about getting JobSeeker payment in any soonish time-frame, nor do I know if I even qualify for anything if I am working casually.

    So I will be dipping into my Super, even though I know it is really stupid, because I need to pay bills and eat. If I do get JobSeeker, I will be happy to return the Super back into the account when I return back to my normal job.

  • whooah1979 on 06/04/2020 - 05:38

    If you need it then take out as much as you can. Set aside a portion for bills and other expenses and the rest buy silver, gold and BTC.

  • krazek on 06/04/2020 - 05:46

    Edit: nvm

  • ESEMCE on 06/04/2020 - 09:15

    Selling shares (that's what your Super is) at the bottom of the market is a decidedly terrible idea, do not do it!

    • TEER3X on 06/04/2020 - 09:21

      So we're at the bottom now?

      Are you saying it's a good time to invest?

      I don't think so.

      • MontyMacaw on 06/04/2020 - 10:12

        If you are young you will be buying low no matter what he happens to the market short term.

      • ESEMCE on 06/04/2020 - 13:30

        I think there's at least another plunge to come yet..
        Wait till the US death rate skyrockets in a few week's time!

        • MontyMacaw on 07/04/2020 - 12:27
          +2

          I agree. Despite the rally overnight. It’s very volatile. The useless response the US has done to stop the spread of the virus will ripple around the world economy simply because they are the biggest economy in the world. If Trump can join Boris in ICU that would help everyone.

  • k1llersloth on 06/04/2020 - 10:02
    +1

    I still dont understand why the government isent putting out an option to voluntarily opt out of paying super for 6 months. This way you arnt drawing out your super when the shares prices are at their lowest in 30 years. You get the money straight into your pocket for 6 months meaning more stimulus in the mean time.

  • MontyMacaw on 06/04/2020 - 10:09

    Big picture:
    1: If it’s a eat or starve scenario then I might agree but isn’t that already the case?
    2: If a LOT of people access super then that would be like a run on the banks. Super funds would have to liquidate assets which would then put pressure of investments and drive their values down for everybody else so it could have a negative effect for the economy and super in general. I’ve changed my super to cash after firstly going to international shares from property (Which dropped 15% in my super fund) after the biggest fall. I only lost about 5% helped by the value of the dollar dropping. I think the market has potential for another 30% drop so cash is king for me.
    3: If you are young you should be putting money INTO super right now IF you can because you are buying at a discount no matter where the market goes in the short term.
    4: Taking money out now will be a huge drop in your retirement funds later.

  • saltypete on 06/04/2020 - 11:45

    Taking your super out is a terrible idea, and could cost you plenty in the long run. And those considering it really must consider if there is any way around it. If you are disciplined and actually need the money to survive there is one way around it.
    Put it back in before you allow things to go back to normal.
    Extend your hard times and keep your belt tightened once you have an income again at put the money back before you buy anything else.
    Maybe extend a bit further and build a cash amount to carry you over further lumps in the economy over the next few years.
    It can work out OK, but only if you operate with self discipline, which means for the bulk of Australia’s population the above is useless information…🙁

    • AdosHouse on 06/04/2020 - 17:15
      +1

      That's my plan.

      I know taking it out now is stupid, but so is defaulting on bills. So I plan to repay it ASAP when my work resumes again.

  • crashloaded on 06/04/2020 - 11:55

    I won't be doing it. The idea has the potential to put more strain on Centrelink payments if people spend their super and don't recover or regain employment.

  • HeWhoKnows on 06/04/2020 - 16:23

    Remember what you take out of your super now you lose 10 fold over in retirement !

    Its actually a HUGE sacrifice to make so only as a last resort

  • md333 on 06/04/2020 - 17:53
    +4

    Luckily I'm not eligible, but it seems like a good deal to me. Get the tax benefits of Super, but don't have to wait until 60 to access it. Definite help with early retirement.

    • [Deactivated] on 05/05/2020 - 18:57

      Sorry but what is the tax complication if someone gets super released early at stage?

  • [Deactivated] on 06/04/2020 - 21:07
    +1

    Quick question is it worthwhile accessing your super to pay down your home loan? Assuming you have enough funds to keep you a float.
    Whilst I understand the growth you receive on super over the years (Normally…not that past performance is a indicator of future), what has transpired recently doesn't give me a hell of a lot of confidence in the stock market….seems much like a casino in sheeps costume….and I was one of the lucky ones to go to cash out in early Feb.

    • Cheap Steve on 09/04/2020 - 23:00

      Yes, your plan could definitely work for you. Reading this thread you would think every super member has 100% of their super money invested 100% shares. However most super members have a proportion invested in cash, Aussie bonds and global bonds which will pay 2 parts of bugger all for the next decade. Meanwhile, you could withdraw up to $20k tax free and pay towards your home loan principal and get a guaranteed tax free return equal to your home loan interest rate (say around 3% at the minute).

  • gmdarts on 07/04/2020 - 06:39

    I tried to cash out back in January as i was retrenched without any job prospects om the horizon Maybe the people running a certain high profile fund were dentists before they were fund managers as it was like getting teeth pulled They even have to enquire with a credit reporting agency before they can release anything Still waiting and will not be holding my breath either
    Maybe they should not have run all those adds and kept all that money just in case

  • LemonShapedRock on 07/04/2020 - 07:57
    +3

    If you’re disciplined and have ambitions to retire early this is a no brainer.

    Big emphasis on IF.

    Imagine taking up to $20K now tax free and either offsetting your mortgage or investing in shares outside of super.

    Of course if you could afford to do that then you probably shouldn’t be eligible for the scheme.

    If you’re planning on using your super to buy groceries etc then I’d strongly recommend against.

    Big driver for me is Governments constantly changing the preservation age to access super, at this rate I’ll be lucky to be alive to access mine.

    • dajackal on 08/04/2020 - 11:57
      +1

      This guy FIREs

    • Cheap Steve on 09/04/2020 - 23:07

      Agree with your thinking but just need to clarify your comments about the “constantly changing preservation age”. The age 60 preservation age has been the same for anyone who has joined the workforce in at least the last 20 years.

  • AncientWisdom on 07/04/2020 - 14:12
    +2

    The real question is, even if I didn't plan withdrawing any money out of my super, how do I protect my balance from the shock of everyone else potentially making withdraws?

  • Cheap Steve on 09/04/2020 - 22:35
    +3

    Yes, I’m going to withdraw $10k now and another $10k next financial year. Going to spend the money taking my wife and kids to Disney World once normal service resumes.

    Ps - it’s a lot easier to access the $10k’s than you think. Just need to self declare that your work hours have dropped by 20% compared to last year.

    • [Deactivated] on 09/04/2020 - 22:38

      So you don't actually need the money to put food on the table? What will happen when you retire?

      • Cheap Steve on 09/04/2020 - 23:25
        +1

        My plan is not for financial reasons. The family just needs a carrot for the next 6 months whilst I am stuck in my house working from home.

      • BobCobb on 10/04/2020 - 15:59
        +1

        Straight onto the government teat.

  • samprofs on 10/04/2020 - 14:27

    If I believe the market is going to hit an ASX bottom of 3500 would it not be smarter to take out the 10k, have the cashflow and then within the next 24 months do a tax free voluntary contribution of the same amount ?

    • Cheap Steve on 10/04/2020 - 16:25

      Yes, way smarter if your theory comes to pass. There are just as many opportunities with this as well as traps. There is no blanket yes or no.

  • Shadowsfury on 15/04/2020 - 18:37

    Well now my company announced 20% cut in pay for a few months - but no change to working hours.

    On the face of it means I'm not eligible annoyingly even though someone who took a 20% cut in hours (and likely pay at the same time) would be in a better position than me

    On or after 1 January 2020 either
    you were made redundant

    your working hours were reduced by 20% or more (including to zero)

    you were a sole trader and your business was suspended or there was a reduction in turnover of 20% or more.

    • whooah1979 on 15/04/2020 - 19:04

      Tough economic times requires sacrifices.

      You are in a better position than those tens of thousands of people standing outside Centrelink every working day.

  • Ash-Say on 19/04/2020 - 10:10
    +2

    Application is now online at MyGov.

  • fd9 on 21/04/2020 - 08:06

    Is there any downsides to me withdrawing 20k from super and chucking it straight into the ASX, either in blue chips or an ETF?

    I am a student with 3 years of uni left - and although I don't really have a current absolute need for the money - it would serve as a good buffer/breathing room until I finish uni.

    Most of the comments are centered around withdrawing it and keeping in your bank - but what if I was to withdraw it and put it straight into the share market?

    Thank you!

  • TheSpiffyAquarius on 22/04/2020 - 14:09
    Merged from Eligibility of Accessing Super

    Am i eligible for accessing my super early due to current situation.

    bit of background, so back in March my boss announced that everyone will be affected with a pay reductions by 20% effectively from April onward, but in April when the government announced the jobkeeper program, my boss advised everyone will be benefit from the $1500 pay out per fortnight.

    so my question, am i still eligible to apply to release my super fund.
    and the fund will be used to clear off my credit card debt that i have been paying with high interest rate.

    I don't want to be charged by ATO with false claim as the penalties will be hefty.

    looking forward to your responses.

    • Hybroid on 22/04/2020 - 14:11

      Eligible Australian and New Zealand citizens and permanent residents are able to apply to access up to:

      $10,000 of their super until 30 June 2020
      a further $10,000 from 1 July 2020 until 24 September 2020.

      https://www.ato.gov.au/individuals/super/withdrawing-and-usi…

      Most advice on here suggests to avoid doing this though as much as possible unless absolutely vital.

      • Krankite on 22/04/2020 - 14:34

        The ironic part of the accessing super plan is that you shouldn't do it if it is due to long term hardship, if you are in a position that you can salary sacrifice to "repay" the money taken out of your super then it is a completely different situation.

    • elgrande on 22/04/2020 - 14:12

      What did the ATO say?

    • jimbobaus on 22/04/2020 - 14:12

      Have your hours been reduced or income reduced by 20%?

      With the JobKeeper payment if your income is 20% or more less than it was then you are eligible

      • TheSpiffyAquarius on 22/04/2020 - 14:21

        still work fulltime but income reduced by 20%, but my boss said with jobkeeper program we will be subsidies with the 20% losses.

    • PissLUR on 22/04/2020 - 14:17

      yes. it doesnt matter if you are getting the jobkeeper payment as your pay is still reduced by 20%.

      • TheSpiffyAquarius on 22/04/2020 - 14:25

        according to my boss we will be getting them because of our wages will be reduced by 20 for 6mth.
        so even if i received jobkeeper payment i still can withdraw my super?

        • PissLUR on 22/04/2020 - 14:26

          disregard the jobkeeper payment. the question is are you receiving reduced pay now?

          • TheSpiffyAquarius on 22/04/2020 - 14:29

            @PissLUR: yes taking a 20% pay reduced.

            But i was wondering and this is pure speculation from my side, if ATO look at if i'm qualified for jobkeeper program than you're not eligible to take my super out.

            • PissLUR on 22/04/2020 - 14:30
              +1

              @TheSpiffyAquarius: stop thinking too much. just refer to the official guide

              https://www.ato.gov.au/individuals/super/withdrawing-and-usi…

              • TheSpiffyAquarius on 22/04/2020 - 14:36

                @PissLUR: @PissLUR, given i'm unsure and the information on ATO is vague.

                hence i'm clarifying if it's worth taking the risk.

                below article is quoted from www.heraldsun.com.au site.

                The ATO’s deputy commissioner John Ford warned Australians to do the right thing when applying to access their money or face tough consequences.
                “The ATO will be reviewing applications and where we have concerns that the claim was not made genuinely penalties may be applied,” he said.
                “They range from monetary penalties (to $12,500 where the person has shown intentional disregard) through to prosecution in exceptional circumstances.”

                • blackbenny on 23/04/2020 - 09:37

                  @TheSpiffyAquarius: If you can satisfy one or more ATO criteria, and can prove it, you should be ok. I didn't see any clause about pay reductions; only reduction of hours.

  • CyberMurning on 22/04/2020 - 14:41

    i thought only when you becomes unemployed ie got sacked, etc then you can take some of your super money.

    • herecomestheoost on 23/04/2020 - 18:49

      There is new criteria in which you can take out super due to the virus.

  • [Deactivated] on 23/04/2020 - 20:47
    +2

    Applied Monday morning, $10k hit my NAB acc This morning. Easy as. AMP can get stuffed lol, another $10k coming 1/7.

    • [Deactivated] on 23/04/2020 - 21:34
      -1

      Do you actually need the money?

      • [Deactivated] on 24/04/2020 - 07:57
        +1

        Yes

  • EmmaX10 on 24/04/2020 - 10:00
    Merged from To Take Out Ones Super or Not?

    Hi and sorry to come here

    I'm very conflicted as to take out my super or not. One is an accumulative fund of $12k currently and the other a Commonwealth Govt "defined benefit" scheme of $50k

    Arguments For

    • I've been sick for seven years and am likely to never work in any financially significant way again (I qualify because I'm a sole trader whose business has been affected by COViD-19)

    • I have doubts about living a long life due to health issues but who knows

    • We have a large mortgage and a growing kid

    • we are looking to get married at some point and I'd like to be able to afford a dress I like (silly I know but it only happens once ideally) & I don't want to take it from our mortgage offset account

    • horrible to say, but parent's inheritance could come through in old age hence reducing the need for a pension

    Arguments Against

    • lose my ability to have a lifetime pension (even though it works out to $5300pa in todays money/$3000pa in 2040 money)

    • may really end up needing pension but even if it works out, the final superannuation amount is still relatively small

    • i'm transferring my "asset" to my partner's owned house, but I do trust him as naive as that sounds even in the case of a break up

    I realise there may be other options especially one like "get a job" but when you have very poor health and a child to look after, it's not so easy. Sadly I've already applied and been approved to take it out of my government supperanuation scheme but I can still stop this.

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