The Association of Superannuation Funds of Australia (ASFA) has urged caution regarding a proposal to allow individuals with a tertiary education fees debt (HELP debt) early access to superannuation to pay off that debt, citing its negative impact on retirement outcomes.
ASFA recommends that before any proposal to extend the uses of superannuation is considered, there should first be agreement on the purpose of the superannuation system. Current compulsory contributions will not be sufficient to finance the retirement income needs of many Australians and use of superannuation for other purposes would further compromise the achievement of an adequate level of income in retirement.
Any proposal allowing early access to …
Read the full article at: https://www.professionalplanner.com.au/cut-and-paste/2016/01/21/raiding-super-to-pay-off-help-debts-would-compromise-retirement-outcomes-asfa-43077/