One of the measures the Federal Government has developed to help people financially during the corona crisis is to allow them to withdraw money from their superannuation funds. The government, and others, have pointed out that this will have an enormous impact on the retirement balances of those who take up this offer, due to the power of compound interest. Your task is to develop a model which highlights this impact.
Your focus is an individual who is contemplating withdrawing money from his or her superannuation fund. Using your spreadsheet, a person should be able to enter their current age, their desired withdrawal amount and their projected earnings rate (as an effective annual rate of interest). The spreadsheet will then present them with a bar chart: one bar will show their desired withdrawal amount (withdrawn today, at their current age), the second bar will show them the consequent reduction in their final superannuation balance at age 65 by withdrawing this amount.
Test your spreadsheet model with a variety of different inputs and check its outputs by manual calculations to make sure your model works correctly.
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