Aussies dip into retirement savings for uncovered medical costs, raising regulatory concerns.

Australians are increasingly using their superannuation early to pay for expensive medical treatments like dental work not covered by Medicare, causing potential retirement savings shortfalls. Approved applications for early super access have risen from 22,700 in 2018-19 to 47,400 last year. An investigation found "troubling" practices, including high fees and coaching for securing approval. The Federal Government plans to prohibit unfair trading practices, with calls for stricter regulation by the Australian Tax Office and health regulators.

4 months ago
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