To all my fellow ausfags, what is your opinion on using COVID to get access to your super? I have about $12,000 in my account and have been out of work for about 1 and a half years, and in that time the amount of money in my super account has actually decreased by a couple dollars. If I take advantage of COVID I would be able to withdraw all of the money in my super over the course of the next month. I would use that money to make my own decisions on investments. Do my fellow anons think this is a smart financial decision or should I leave it in there to seemingly drain when I don't have any idea when the next time I'll start making contributions is?
On a bit of a side note, I think it's wrong we don't have autonomy over the money in our super accounts. That is money we have worked for and should have access to. Sure, it may be important to reduce the pressure on social welfare from us as we get older, but it still doesn't sit right with me. People should be able to make their own investment decisions, not gave big daddy government and companies make that decision for them.
My brother did this except he's an idiot and is planning to essentially light all the money he got on fire. Anyway since you have a brain maybe it will go a little better for you. I think most supers have an interest rate of around 7%, so accounting for compound interest in about 10 years that money will double. To answer your question it's a smart financial decision if you're planning to invest the money into something that will yield better than an average of 7% in the next 10 years.
John Turner
I pulled mine Fuck super "We're all in this together" No, I got no say in it. You industry supers get LEGALISED theft of MY money and there's nothing I can do to stop it
Until now. I withdraw 10k, and I'll withdraw another 10k in July. That's 20k towards a house, that's 20k towards stocks or bitcoin Hell it can be 20k towards multi bets on the gayfl it doesn't fuckkng matter because at the end of the day it's MY money
Based... But when and how will it be decided if you can pull another 10k out?
Kevin Morales
Its already allowed that if you meet criteria you can withdraw once per financial year just these two times
Christopher Stewart
i pulled mine and went 100% ether. secured a staking stack
Dominic Myers
Already got round 1,Just checked. Yep seems i can apply on the 1st of July
Brayden Edwards
I had about 20k in my super. Already took out 10k and will do the other 10k in July. At this rate we won't be able to access it until we retire at the ripe old age of 80+. Fuck that shit! Much rather invest it now and hopefully retire young!
Tyler Brooks
I hit the 1st withdrawal right after work changed my hours but they changed them back now. I still want to hit the 2nd 10k but I'm worried they're gonna do some sort of audit, from what I read though they're not gonna check it's just that box you tick saying your hours are reduced.
Levi Cooper
super is theft, forcing u to invest in stuff that is out of ur control.
Ryder Lewis
Get it out and put it into AAVE. Earn better. Fuck the normal systems.
Zachary Reyes
On the subject of withdrawing your super, should I withdraw as much cash as possible so it looks like I'm poor again when I go to withdraw the second 10k? Or do they not care about what's in your account?
Ian Peterson
They can't check the balance of your bank account mate that's private info.
Asher Parker
Cool thanks.
Tyler Hill
This is wrong. The bank provides your bank account interest rate earnings to the ATO. The ATO knows what the interest rates are. The ATO therefore knows the exact quantum sitting in every bank account on July 1 every year, and throughout the rest of the year depending on whether your bank does interest monthly or quarterly. servicesaustralia.gov.au/individuals/topics/bank-interest-income-reviews-compliance-program/46886
You could stuff it under your mattress but with the amount of BRRR occurring it might be better to try make more money out of it and pay your taxes on your (hopeful) earnings before inflation catches up.
Josiah Clark
I applied for 10k and got the email saying they approved it but only had 2k go into my bank account. Called them about it and they said because I’m still working but only had ~80grand in super they couldn’t give me anymore. Quite upsetting, could’ve been a house deposit
Landon Jackson
Also did anyone else get this or are they just having me on?
Juan Perry
not sure where I read this but hopefully someone can back it up. But if youre quite young and looking to enter the property market , taking 10-20k out isn't a bad idea. If you're a bit older I would leave it in there
Elijah Green
sounds like they're fucking you
Anthony Collins
why the fuck wouldnt you withdraw it? you're arent gonna be able to get it otherwise until youre 95 and the hyperinflation has made it worthless
Noah Cox
there's risk as always, but if you are comfortable giving up your super's interest rates in pursuit of a better investment opportunity, or to invest in something that will hold/increase in value and is of use to you like a house deposit, then I'd say go for it. the problem is that most dumbasses who will pull out super money aren't using it to make better investment decisions, they're using it as a "freebie" money payment to buy dumb shit now at the expense of compound interest over the rest of their working careers.
Eli Cook
I don't plan on keeping it as cash long term. I just don't want the unused 10k sitting in my bank account to jeopardise me getting another 10k from my super. I'm thinking I should probably get most of my money out before then and then I can always deposit it again and if they question me I can just say I sold a car or some shit.
Gabriel Jenkins
I saw Aussies are actually the have the highest median wealth (more than she Swiss) because your pensions are like 10% personal contributions. Is this true?
Benjamin Walker
I took 10k out, taking another 10k in July.
Only thing I'd recommend is keeping enough in there to pay Life insurance, if you have it through super.
If you get disabled, you'will want that money. I used the salary continuance insurance once for mental health, it was a god send.
But yeah if you're not an idiot, get the money out and do something useful with it. I am buying a house.
David Rogers
Guess I’ll try again next month
Luis Rivera
Take it out, keep in bank if you need it. Otherwise invest into LINK, LP and XSN.
Wyatt Phillips
I took out 10 grand gonna take another 10 grand after financial year, Gonna keep a good amount of liquid cash for the recession and once it hits housing market 30-50% dip and th government ends up handing out stim packs for home buyers such as no stamp duty or an incentive im gonna swoop in and buy dirt cheap houses off struggling "battlers".
Dylan Smith
Ive never heard of anything like this happening before. Think you are getting cucked user
Ian Hall
Technically if "covid" affected working hours , if they did at any capacity say you need the 10k to cover financial hardship. Personally i never heard of this they just gave me my 10k 3 days after i applied for it .
Adrian Gray
Well fuck, they better not do the same in July or I’ll be proper pissed
Easton Davis
super is such a fucking scam man. a dollar today is worth more than a dollar tomorrow and its certainly worth a hell of a lot more than whatever the fuck the ever inflated dollar will be worth by the time i retire. We're all getting fucked in the ass. I HATE this government.
