Tools & Resources
Early access calculator
The impact of accessing your super now
The federal government’s early access to superannuation is a temporary arrangement which allows eligible individuals to access up to $10,000 of super this financial year and a further $10,000 in the next financial year.
This is a great boost to your finances if you are unemployed and experiencing financial hardship due to the Coronavirus. But super is a long-term investment strategy, so what are the implications for you?
Early access to super calculator
Use our early access to super calculator to find out how your super balance could be affected at retirement if you access your super funds early.
All you need to do is enter your age to see the potential effect of withdrawing amounts of $2,000, $5,000, $10,000 or $20,000.
- Eligible members can only make one withdrawal of up to $10,000 by 30 June and another withdrawal of up to $10,000 between 1 July - 24 September this year.
- Withdrawing funds from your super could affect any existing insurance cover you may have if your account balance is not enough to cover your insurance premiums or you withdraw your entire balance and your account is closed.
- Whilst this calculator is provided to assist you with making decisions about whether you should apply for the early access to super, it is not intended to be relied upon for the purposes of understanding the long-term impact of your future retirement balances. Therefore you should consider obtaining personal financial advice.
- By continuing to the next screen and using the calculator, you confirm that you have read the disclaimer and assumptions.