26 September 2023

Super information on superannuation

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Services Australia has launched a series of podcasts to help explain what the pandemic may mean for the receivers of Centrelink payments.

The Department said its General Manager, Hank Jongen (pictured left) and Justin Bott from its Financial Information Service had recorded the first Skype audio podcast, which provided expert information to help people navigate their way through some of the decisions they may face due to COVID-19.

“The Financial Information Service is a free, impartial service to help people understand their financial situation and help them make educated decisions about their finances,” the Department said.

“The first episode in this special series focuses on early release of superannuation for people who may be under financial distress due to coronavirus,” it said.

It said that with the 30 June deadline fast approaching, the podcasts covered what people needed to consider before withdrawing money from their superannuation fund.

In the podcast Mr Bott said people should consider three things before taking lump sums out of their superannuation, including checking what other options were available as an alternative; how much money they could lose in the long term by taking money out now; and if they would lose cheap insurance coverage that could be needed later.

Services Australia said the episode was available on Apple Podcasts and its Sound Cloud channel.

The podcasts can be accessed at this PS News link.

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