Why can’t I access my Super?

Canberra Anzac Parade

Why can't I access my Super?

The reason you cannot access your super is because the government most likely thinks many people would spend the money on frivolous goods and services that wouldn’t contribute to a sensible retirement plan, though the government doesn’t describe it that way. 

There are some circumstances when you can access your super such the FHSS scheme or if you find yourself in dire straits, outside of those conditions, you can’t access that money.

Unless the government allows people to access their super at any time, we don’t know what would happen if we could access it. Can you plan for your financial future or would you like the government to steer you towards their retirement savings framework?

There are probably many people who struggle with the fact that the government forces you to pay 10% of your salary to an investment company (super funds) who charge you fees and then tweaks the superannuation system every couple of years forcing you to re-evaluate your super plan.  This may well be one of the key factors causing superannuation confusion for some people.

If you dislike entrusting your savings to super funds, SMSF’s may alleviate some of your anxiety. 

This still doesn’t eliminate the fact that you must obey the government direction to place your money into an approved investment vehicle.  If humans were uniform, we wouldn’t need fines and correctional facilities, so maybe super needs the same discipline.

SFF