(According to Australia Corporate Law)

Question

Janet has been working for the past 15 years and has accumulated balances in four superannuation funds totalling all up $220,000. All funds are invested in conservative asset classes earning relatively low returns. Janet is 52 now and is looking at retiring at age 60. Her plans at age 60 are to withdraw all funds, and purchase an expensive new car, go on an extended overseas holiday and then apply for the old age pension. Her other assets consist of $20,000 held in a cash management trust and $50,000 held in debentures. Janet has a well-paying job but also has been living an expensive lifestyle.

Required:

What would your advice be to Janet in respect of her superannuation and plans for the future?