Abstract
AbstractThis study examines the effect of the early tax‐free release of the superannuation (ERS), which was introduced as a financial stimulus to counter the economic havoc created by the COVID‐19 pandemic, on Australians' superannuation retirement balances. By considering 2800 scenarios based on individuals' working industries, age, withdrawal amounts, and asset allocation strategies, we find that individuals with non‐aggressive asset allocation strategies may struggle to reach the minimum required superannuation balance for a comfortable lifestyle in retirement if they opt‐in for the ERS. This impact is more evident for individuals employed in certain industries such as accommodation and food, and retail trade.
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