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Australians are ready to withdraw money from their retirement accounts

More than 880 thousand Australians have already registered requests to cash out part of their pension contributions. This happened when the government relaxed the rules of access to retirement accounts because of the coronavirus pandemic, Bloomberg writes.
Australians are ready to withdraw money from their retirement accounts

Top managers of Australian pension funds expect an outflow from the system of up to AU $50 billion. According to their estimates, another 1.3 million people will apply for early withdrawal of funds in the next five months.

People will be able to withdraw up to 10 thousand dollars in spring and the same amount until the end of September.

The pension system in Australia depends on two factors that affect the size of payments to citizens: the public part and retail deposit. The average payout for a single citizen upon retirement is $500 per month. A married couple of older people get an average of $900. Pension is subject to changes from year to year due to jumps in the economy and changes in the foreign-policy situation.

On the continent, the retirement age for women is 64 years, and for men - 65. The payments do not depend on the person’s occupation position, or his salary and length of service. A pension is received even by a person who has no working experience.

Sources: https://www.bloomberg.com/news/articles/2020-04-17/australia-sees-strong-demand-for-early-access-to-pension-funds

Photos are from open sources.

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