Q: I have a large amount of debts totalling $25,000, and I have no assets. My income is average and my super balance is above $50,000. I would like to withdraw half of my super to pay off my debts. I’m 36 and my debt is crippling me and my future. Can this be done and how?
We’re sorry to read about your troubles. You may be able to access your super benefits if you’re suffering severe financial hardship but that requires you to be receiving a Government benefit such as unemployment benefits or disability benefits. Alternatively, if you are suffering mortgage stress or serious illness, you may be eligible for early release on compassionate grounds.
The following articles explain the rules for accessing super early:
- Can I access my super early due to financial hardship?
- Accessing super early on ‘compassionate grounds’
- Accessing super early: 16 popular Q and As
- Accessing super early: Unemployed and in financial hardship
- Should I retire? I’m unemployed and have debt
- Accessing super early: Not for business debts
- Accessing super early: 14 legal ways to withdraw your super benefits
Note: If you are unable to access your super benefits, or you need assistance generally with managing your finances, you could consider using a financial counsellor, which is a free government-funded, click here for more information. (click here).