Both AustralianSuper and Aware Super have estimated that superannuation members who withdrew the maximum $20,000 using the early release to super scheme would be $77,000 worse off in retirement.
In answering questions on notice by the Standing Committee on Economics, the two super funds said the long-term impact on a 25-year-old of withdrawing $20,000 last year was that they would be $77,000 (15%) worse off at retirement.
AustralianSuper said this included the $20,000 withdrawn and $57,000 in foregone earnings on the $20,000.
The fund also noted the short-term impact for a member was the loss of investment earnings for the 2020/21 year.
It said on $20,000 this amounted to just over $4,000 based on the one-year return of 20.43% for the Balanced Fund.
According to Aware Super, the cohort that withdrew super from their accounts the most were those aged 36 to 45 (30.2%), followed by 46 to 55s (28%), and 26 to 35s (24.4%).