How much superannuation should I have for my age?
As of July 2014, employers have been required to contribute 9.5% into superannuation, however individuals are able to contribute further.
According to The Association of Superannuation Funds of Australia’s (ASFA) Retirement Standard, a couple expecting a comfortable retirement will need an average of $60,457 a year.
Whilst there is no magic age to start planning for retirement, the simple answer is the earlier you start, the more chance you have to achieve the retirement you dream of. This really comes into play because of the compounding interest effect and how powerful it can be.
The longer a person has secured super contributions and associated investment earnings, the higher their account balance, especially over a significant period of time.
So, for my age, how much super should I have?
For the competitive among us,
A few months ago, we reached out and asked our clients to share their view on offshoring and how it influences their decision to work with professional services businesses like ours. We then put together a press release to voice their opinion to the industry releasing the results from the survey via Superfund Wholesale. The below responses were featured in over 15 different publications including Canstar, Cairns Post, Townsville Bulletin, Gold Coast Bulletin, Courier Mail, Daily Telegraph, Herald Sun, NT News, Perth Now and News.com.au.
Together, we were able to spark a much needed debate on offshoring. Raising concerns surrounding disclosure to clients as well as support for government agencies to be more involved through industry regulation.
We would like to thank our clients for taking the time to complete the survey and helping us make a difference to the industry and wider community.
We have summarised key results from the survey in an easy to read infographic. Check it out!
The Australian Federal Budget 2017: Getting into property and getting out of property, things from left field & investment in infrastructure.
Wow, has this budget got a deal for you!
You always want what you haven’t got. When you’re young you are thinking about schemes to get your access to your super money to buy a house and when you’re old you’re looking for ways to get it back into super. Trust us, we have dealt with clients at both ends of that spectrum.
We all know these new budget measures will do nothing for actual house price affordability in Melbourne and Sydney! That will be left to the dual devices of eventual oversupply and interest rates that will rise (one day). But it is an interesting feature of the budget nonetheless.
So, how does it work. Let’s focus on the first home buyers.
First Home Buyers
Our early read on the proposal looks like this:
From 1 July 2017,
Following the budget, The Association of Superannuation Funds of Australia (ASFA) has said while not as substantial as the landmark reforms in last year’s Budget, this year’s package of superannuation-related measures announced by the government will nonetheless have a wide-ranging impact.
ASFA CEO Dr Martin Fahy said ASFA has advocated for the extension of capital gains tax (CGT) rollover relief announced in tonight’s Budget, because it should help support super fund mergers.
The government will extend current tax relief for merging super funds until 1 July 2020.
“Mergers of funds are one means by which they can realise scale efficiencies, so removing this significant barrier is welcome in a competitive superannuation industry that is continuously improving its efficiency and productivity,” he said.
Dr Fahy said a new dispute resolution framework would include an Australian Financial Complaints Authority (AFCA) dealing with all financial disputes including super disputes.
“We will be seeking to have active input into any transition arrangements to ensure consumer protections are preserved and existing Superannuation Complaints Tribunal (SCT) cases are efficiently and equitably dealt with,” he said.
Finance related professionals are often described as analytical, detail focused and often good with numbers. Historically, people assume this is because their brain is geared more towards using the “left side”, the side of the brain that is apparently responsible for logical tasks. Neuroscientists, however, have long proclaimed that this view of “right and left” is, in fact, a myth.
By default, the right side of the brain is creative, artistic and perhaps free spirited. Apparently, as the myth goes, it’s got to do with which side of the brain is more active.
What do the experts say?
Recent research by The University of Utah has found no evidence that people preferentially use their left or right side of the brain. The University undertook an analysis of 1000 brains and found that each person used their entire brain equally.
Further still, the team found that all brain regions enable people to be both creative and analytical,