An aging population will drive policy decisions. New forecasts from the Australian Bureau of Statistics (ABS) highlight how quickly our population will age, and investors need to prepare now for the enormous changes that it will bring.
Read MoreWe are in the opening stages of the largest intergenerational wealth transfer in history. An estimated $3.5 trillion of assets in Australia will be passed on prior to 2050. As it stands now, 21% of household wealth is held in superannuation. As contributions continue to rise superannuation will continue to be a significant stake of household wealth.
Pension payments in super after the age of 60 are tax free and anyone over 65 can switch their super into a pension account even if they do not change their employment. Why do so many continue paying 15% tax?
Read MoreSuperannuation can be used to start an account based pension once a person retires (or meets another condition of release). This allows income to be received as a series of regular payments (usually monthly, quarterly, half yearly, or yearly).
Read MoreWhen a member of a superannuation fund passes away, any benefit they have within superannuation must be cashed as soon as practicable.
Read MoreThe cost of retirement has hit a record high, with couples needing more than $70,000 a year to fund a comfortable retirement, and $50,000 for singles, according to ASFA.
Read MoreA Non-concessional Contribution (NCC) is a personal contribution made to a superannuation fund by an individual for their own benefit or for the benefit of their spouse or children under 18 years of age.
Read MoreNow that the end of the 2022/23 financial year is almost here, superannuation members who are currently receiving pensions need to take certain actions.
Read MoreSuperannuation is a tax advantaged way of saving for retirement and makes up two of the three “pillars” of the Government’s retirement income policy. The three pillars are:
Read MoreTreasurer Josh Frydenberg delivered the 2021-22 federal budget on Tuesday evening, March 29, outlining a number of key measures.The Treasurer revealed a $78 billion deficit (3.4 per cent of GDP), down from a $79.8 billion deficit the year before. "Over the next three years, this will more than halve to 1.6 per cent," he said. He confirmed that net debt as a share of the economy will peak at 33.1 per cent at 30 June 2026, significantly lower than the forecast last year.
Read MoreWhat are COVID-19 re-contributions? They are superannuation contributions which are a return to the superannuation system of a COVID-19 release amount. They are new personal superannuation contributions which have been identified by you as being COVID-19 re-contributions.
Read MoreEstimates suggest that more than a quarter of Australians are expecting the COVID-19 crisis to impact their financial situation for up to 18 months or longer. This suggests financial advice will continue to play a key role in our fight against the virus.
Read More