For many people, the Government’s temporary early access to super scheme will be a financial lifeline. But what could some of the impacts be, both short- and long-term, to your retirement savings?

This episode, Charles Azzopardi from UniSuper Advice takes us through the scheme’s basics; eligibility, how to apply, and some of the things to seriously consider before dipping into your retirement nest-egg.

SHOW NOTES

Your hosts are Lyndon Horsburgh and Tania Meade.

Produced by Lyndon Horsburgh.

A big thanks to our special guest Charles Azzopardi, Private Client Adviser with UniSuper Advice

The ‘Estimate the impact on your retirement savings’ calculator that Charles mentioned is available at https://moneysmart.gov.au/covid-19/accessing-your-super, along with other steps to take before accessing your super.

Charles refers to information published by the Conexus Institute, Actuaries Institute Australia and Super Consumers Australia; an ‘information sheet’ which may help you understand the potential impact of withdrawing your super early. It’s dated 16 April and is available at https://www.superconsumers.com.au/media-releases-2020.

Information from the ATO about the early release of super scheme is available at https://www.ato.gov.au/individuals/super/in-detail/withdrawing-and-using-your-super/covid-19-early-release-of-super/ (refer to the ATO for full eligibility criteria and guidance, as we touched on some, not all, criteria).

Log in to your online account at www.unisuper.com.au to check your balance and any insurance that you may have.

Catch up on past episodes at www.unisuper.com.au/podcasts.

Have some feedback or a topic you’d like us to explore in future episodes? Email us as at [email protected]. You can also join the conversation on Twitter @UniSuperNews or call us on 1800 331 685.

Information discussed in this podcast, as prepared and provided by UniSuper Management Pty Ltd ABN 91 006 961 799, AFSL No. 235907, is of a general nature only. Any advice provided doesn’t take into account your objectives, financial situation or needs. Before you act on any advice you should consider these matters, the relevant Product Disclosure Statement (PDS) and whether to consult a qualified financial adviser. For a copy of the PDS, call us on 1800 331 685 or go to www.unisuper.com.au/pds.

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