Isn't the point about superannuation is that it is there when you are older?

[i-need-a-martini]

Wouldn't taking it early or putting it to your mortgage be illogical?

To suggest it shows Hockey's (continued) ineptness. To make a show of not disagreeing shows Abbotts stupidity.

[imastawka]

Oh.   Then I must be old, and have a good fund   

[imastawka]

---

@gleee58 wrote:

---

@imastawka wrote:

You can access your super (tax free) at age 60

---

That depends on your age and the super fund, apparently.

---

  Oh OK - Preservation age comes into it

  http://www.superguide.com.au/how-super-works/i%E2%80%99m-60-why-can%E2%80%99t-i-access-my-super-bene...

[2106greencat]

Kind of Totally stupid - work another 10 years at the finishing line........and what of the new starters ?.....ten years on the dole until the oldies can finally afford to retire and free up a few positions?

Not to mention how increasing technology will have made many jobs redundant in those years - hell, I can't remember the last time I spoke to a human being on the phone when I call most big businesses and by then there will be no people in the shops, just barcode scanners.

But, never fear, all will be well, I am quite certain our political leaders will come up with a workable plan given the incentive of a 2.5% pay rise.

All MP's should have to spend 5 years on a laymans wages, in the real world, before they can even apply to represent the people as far as I am concerned.

[cherry*135]

I agree, Hockey's idea was dumb.

This article explains the folly of it. It would increase the demand for houses but not the supply, which increases the price. The advantage of that is to the house sellers, not the first home buyers.

Tears, for first home buyers - the crocodile kind

Joe Hockey wants to help young people buy their first home by letting them dip into their superannuation, while NSW Labor leader Luke Foley wants to improve affordability by letting them pay off the stamp duty on their purchase over five years. Really? I often wonder whether our politicians are knaves or just fools.

.....It's possible Hockey and Foley aren't sufficiently economically literate to have worked out that their proposals would be counterproductive. (Not to mention that Hockey's would leave young people's eventual retirement payouts significantly diminished because of their loss of compound interest, or that Foley's would leave fully financially committed couples with additional large lump-sum payments for five years.)

Ross Gittins - economics editor

http://www.rossgittins.com/2015/03/tears-for-first-home-buyers-crocodile.html

[zanadoo_56]

With the cost of houses nowadays I would have thought that the amount put into super for anything less than say 5 years wouldn't amount to much of a deposit.....and that also depends on the percentage of the person's salary, so if they aren't earning much they might as well keep it in the super fund.

[icyfroth]

---

@imastawka wrote:

You can access your super (tax free) at age 60

---

actually, you can't. You can only access 10% of it until you're actually 65 or retired.

[imastawka]

Preservation age comes into it, Icy.  Our (OH and I) preservation age was 55

You are partially right when you say 10%, but there are other factors involved.

Such as retiring early

Read the link at post #12 it explains quite a bit.

[icyfroth]

---

@imastawka wrote:

Preservation age comes into it, Icy.  Our (OH and I) preservation age was 55

You are partially right when you say 10%, but there are other factors involved.

Such as retiring early

Read the link at post #12 it explains quite a bit.

---

Well yes. If you retire early you can access it. If you don't, you can only access 10% if it until you are 65 or officially retired.