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Why workers who withdrew $20,000 in super in 2020 set to be a lot worse off by retirement


Australians who withdrew their super early at the start of the pandemic stand to be up to $43,000 worse off by retirement, a new report says.

Former treasurer Josh Frydenberg in March 2020 announced that financially stressed Australians who had lost working hours as a result of Covid-19 lockdowns, would be allowed to withdraw up to $20,000, in two maximum instalments of $10,000.

Two years on, the Association of Superannuation Funds of Australia (ASFA) estimates someone who withdrew $10,000 at age 30 would be $21,516 worse off by retirement.

Australians who withdrew their super at the start of the pandemic stand to be up to $43,000 worse off by retirement, a new report says (pictured are young women at Randwick Racecourse in Sydney)

Australians who withdrew their super at the start of the pandemic stand to be up to $43,000 worse off by retirement, a new report says (pictured are young women at Randwick Racecourse in Sydney)

Glen McCrea, ASFA's deputy chief executive, said young Australians - who lost more working hours because of lockdowns - were set to suffer the most long-term damage

Glen McCrea, ASFA’s deputy chief executive, said young Australians – who lost more working hours because of lockdowns – were set to suffer the most long-term damage

This 30-year-old worker who took out $20,000 would be $43,032 worse off once…



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Written by Bourbiza Mohamed

A technology enthusiast and a passionate writer in the field of information technology, cyber security, and blockchain

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