Early Access to Your Super. Yes or No?

Are you wondering whether you should access your super early? If you have been financially effected by COVID-19 you can access your super early but how will that impact you? Your super fund may advise you that it is not in your best interest to withdraw $10,000 as this could mean around $40,000 - $75,000 loss in the future, depending upon time and rates of return. 

It seems fairly clear that accessing your super early is a financial loss in the future however, are we looking at the bigger picture? Do you worry about money? Is your emotional wellbeing affected by money worries? When we have financial worries we are more likely to have problems with our relationships, lack of sleeping and poor diet. In fact, we are more likely to be involved in an abusive relationship. 

If we can reduce financial stress during this crisis, then we should. Accessing your super will relieve some pressure and help our wellbeing. So ask yourself. Will accessing my super today be more likely to be greater than the lifestyle costs in the future? 

If you would like any further information or advice please don't hesitate to contact me, Wayne 0412 49 42 43.