You can raid your super now and afford to retire too, says Grattan Institute

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The typical worker would see a fall in their retirement income of just over 1 per cent if they took out the full $20,000 allowed under the early super release scheme, new research finds.

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The typical worker would see a fall in their retirement income of just over 1 per cent if they took out the full $20,000 allowed under the early super release scheme, new research argues.Grattan Institute research suggests that workers on a typical income will lose little more than 1 per cent of their retirement income by withdrawing $20,000 in super now

The report by economist Brendan Coates from independent think tank the Grattan Institute finds that a 35-year-old worker on the median wage of around $60,000 a year who took out the full $20,000 would retire with a super balance that was about $58,000 lower, due to the lost earnings from those savings.

"Many low-income workers will still receive a pay rise when they retire, even if they withdraw the full $20,000 from their super today."

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Organisation makes claims based on assumptions on forecasts using estimates. Next...

Except the idea of super was so you weren't reliant on the age pension... they are also making the assumption there is an age pension either at all or at the same level as today

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Providing there is a government age pension available at the same rate as it is today. The devil is in the detail as usual. And as usual, a misleading headline.

Amazing. All the industry funds were lining up to tell us we'd retire poor if we accessed 10k via early release.

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