Q.

I am unable to work and am supported by my 61 year old husband. We owe $39,000 on our mortgage. I will soon turn 55 and wish to use my super to pay off the mortgage, before any changes to access may occur. Are there any disadvantages you can see to this course of action? I have not made any prior withdrawals. Would I be liable for tax on the payment?

I am not concerned about changes to the access rules for people of your age but under the existing rules once a person reaches 55 and retires they can access their super and the first $150,000 withdrawn will be tax free. Therefore, your proposed strategy is feasible but there are other factors to consider. For example, if you had more than $150,000 in super you would pay 31.5% on any monies you withdraw prior to age 60 and if your husband we seeking any Centrelink benefits money withdrawn from super and invested could disadvantage you both because money in super is not counted by Centrelink until the member reaches pensionable age. In your case this is 65. Just make sure you take advice before you make any withdrawals.