July 1 Superannuation Changes That Could Cost You Dearly

Would you open and read a letter if it could save you or your loved ones in the event of a serious accident or worse? I like to think I’d bother, even if it came from my super fund, but most don’t agree as figures around a massive alert being sent out about changes to life insurance have shown. Australian Super sent out notifications to 220,000 members affected by the July 1 changes w... Read more

Should you consider downsizing and topping up your super?

The budget of 2017 was a big one for over 50’s and first home-buyers, two demographics not normally on the same page.  For first home-buys there was assistance to build a deposit inside superannuation the (First Home Super Saver Scheme) and for us, a promise to allow us to contribute downsizing proceeds into superannuation. Oh and we also received a one-off payment (for recipients of the age... Read more

The Retirement Savings Mistake That 68% of Baby Boomers Regret

Retirement is a scary thing. If you consider it for a moment, the term “retirement “ didn’t even exist 50 years ago.  Prior to then, people simply did not retire. If you were alive, you worked and if you couldn’t work, your care fell to family or charitable institutions. Looking after frail or invalid members of society was first championed by the Germans in the 1800’s. It only provided f... Read more

FiftyUps are woefully unprepared for a comfortable retirement

Delayed gratification. I practice it often, usually at the dinner table. I eat my least favorite food first and save the best until last. Some people do it with TV. Record their favorite shows and then watch them later when they can sit down and binge.  Delayed gratification is something we should be practising with our money as well. We’re facing the reality of having to work longer or r... Read more

The Comfort and Costs of Companion Animals in Retirement

The Association of Superannuation Funds of Australia this week released some disturbing figures indicating how much money is required to look after a pet into retirement.  ASFA estimates pet lovers will need to have an additional $34,500 of super savings at the time of retirement to cover the cost of a dog or $25,600 to cover the cost of a cat! Even a bird can be a fiscal burden in retire... Read more

Superannuation - Counting Down to Saturday

In the May Federal Budget in 2016, Treasurer Scott Morrison sprung on an unsuspecting public changes to Superannuation, which come into effect this Saturday, July 1. The changes were announced without consultation or consideration.  Like most Australians, I find superannuation confusing and complex but luckily for me, someone who does understand it leapt into action. Jack Hammond QC (pict... Read more

Minister Kelly O'Dwyer's Speech on Federal Government Superannuation Reforms

Thank you for that warm welcome — it’s wonderful to be here on the Gold Coast for ASFA’s conference. Occasions like this conference are always an important networking and educational event at a professional level, but it should also be an opportunity to step back and recall the enormous significance of the work you all do each day. In terms of long-term benefits, there are very few professions ... Read more

Learnings from the ASFA Superannuation Conference 2016

This week I had the privilege of attending the 2016 ASFA (Association of Superannuation Funds Australia) Conference on the Gold Coast. It was a wonderful opportunity to meet the industry’s key stakeholders and gauge the mood of the industry ahead of the Federal Government’s announcement next week on changes. A major focus of the event was around consumer expectation. Don Peppers, a global co... Read more

Trust, certainty and grandfathering should be at the heart of the super debate not complexity and confusion

The debate about the government’s proposed superannuation changes has been mired in misunderstandings and mischief around technical definitions such as retrospectivity. Throw in talk around concessional and non-concessional caps and lifetime limits and it’s no surprise even the pollies who make decisions around our savings get it wrong. So it was refreshing to meet a man who has decided t... Read more

The Latest On Superannuation

SUPERANNUATION Back in July after the Coalition won the Federal Election our own Christopher Zinn sent a letter to the PM on behalf of the FiftyUp Club. In it, Chris described the results of our survey which showed that 35% of you were worried by changes to super tax concessions. The letter went on to say  “while our membership has in the past been supportive to some reforms th... Read more