INFORMATION FOR UNION MEMBERS CONCERNED ABOUT THEIR SUPER BALANCES
While the current situation is unprecedented, super values have dropped and then recovered before. If you aren't planning to retire in the next couple of years, it's highly likely your super will bounce back as long as you don't withdraw it now.
Drawing down on your super now can have a long-term impact on your retirement balance, particularly for younger workers.
This super projection calculator now includes an 'early access (COVID-19)' feature that will show you the potential reduction in retirement savings if you draw down your super in the 20-21 financial years.
If you are considering accessing your super, here are 3 things to think about before accessing your super early.
We would encourage workers considering taking the option to draw down on their super early to seek financial advice before doing so to understand how this will affect them.
Here is some further information from Australian Super on the potential risks of switching your super investment options.
The AMWU supports our members to get the best possible superannuation for their individual circumstances.
We support a range of industry funds as they are run only to benefit fund members, have low fees and don't pay commissions to financial planners.