Retirees pulled $14 billion out of the superannuation system last quarter as lump sum withdrawals, nearly 21 per cent more than one year before.
Michele Mossop
“We’re seeing in times of economic uncertainty – COVID-19 and now – that lump sum withdrawals will change.” More than 90 per cent were also concerned about how they would keep up with the rising cost of living in the longer term, especially regarding their health, energy and grocery expenses.over-65s were splurging on airline tickets, holiday accommodation and cruises
For example, around a quarter of those withdrawing lump sums at Aware Super cited the need to meet everyday expenses, and AustralianSuper was getting more inquiries about accessing one-off payments for living costs.
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