Your retirement savings are under attack

Over the last ten years, the Liberals have tried time and time again to gut the incomes of retirees by cutting the pension, trying to increase the retirement age to 70, and delaying promised increases to superannuation payments.

Now the Morrison Government is using COVID-19 to sneakily change the super goalposts.

Coalition governments have used every opportunity to undermine Super – including the current early access Robo-release scheme, which has pushed 3 million Australians facing poverty to raid their retirement savings. Rather than receiving timely government support, many Australians have been forced into prematurely spending more than $30 billion they had been putting away for a secure retirement.

The Morrison Government’s early super access scheme will leave young Australians more than $44 billion worse off at retirement. Its rushed implementation has also exposed the retirement savings of millions vulnerable to frauds and scams.

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So far, more than 606,000 Australians have been forced to empty their superannuation accounts.

494,000 of those are under 35 years of age.

That’s 606,000 people who now have nothing for their retirement.

Collectively Australians under 35, will be at least $44 billion worse off at retirement.


At this rate:

  • A 25-year-old who withdraws $20,000 will be between $80,000-$100,0000 worse off in retirement.

  • A 35-year-old who withdraws $20,000 will be at least $65,000 worse off.

The community will have to foot the tax bill if a generation of Australians doesn’t have adequate superannuation savings.

Now more than ever, Australians need the legislated rise in the Super Guarantee to help rebuild their retirement balances.

No one deserves to be left behind in retirement, but too many Australians retire with insufficient retirement savings. This is why our world-class super system needs to be strengthened and protected, not undermined.

Don’t let Scott Morrison and the Liberals use COVID-19 as an excuse to risk your retirement.