Putting Away for Super has Reduced – Study Shows Impact of Government Changes

Putting Away for Super has Reduced – Study Shows Impact of Government Changes

Putting away for Super has reduced –
Study shows impact of Government changes

New data released by AMP has confirmed the adverse impact of the Federal Government having lowered superannuation concessional contribution caps. The latest AMP Retirement Adequacy Index, released this week, has pointed to a significant fall-out in salary sacrifice contributions, particularly among the older Australians more likely to put more into superannuation as they approach retirement. In fact the Index said that the retirement adequacy of working Australians had fallen to its lowest level since the global financial crisis, declining two percentage points to 69.4 per cent, while projected retirement savings fell 7 per cent to $492,000. From Mike Taylor, Money Management READ MORE

And Ben Collins at Financial Standard reports – Declining contributions to superannuation have helped push AMP’s retirement index to its lowest levels since the global financial crisis. The AMP Retirement Adequacy Index fell almost 2 percentage points to 69.4% while projected retirement savings fell 7% to $492,000, AMP said. Superannuation was a major driver of these falls with the average worker’s total superannuation contributions falling to the lowest level since the Index began in 2006 – at 12.3% of salary compared to 12.6% as at 31 December 2006, mainly due to a fall in voluntary contribution rates, said AMP.”
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