NEWS – Super assets grow but average balances are not adequate – Are you working on yours?

NEWS – Super assets grow but average balances are not adequate – is you working on yours?

Super assets grow but average balances are not adequate – is you working on yours?

On 9 January 2014, Christopher Russell & Jane Harper, in The Advertiser, page 27 [also appeared in the Courier Mail and Herald-Sun] reported –
Only one of Australia’s biggest 200 superannuation funds has managed to deliver returns averaging more than 10 per cent a year over the past decade. The Goldman Sachs & JB Were Superannuation Fund – an in-house scheme for employees of the financial institutions – brought in an average 10.5 per cent a year. The ranking was reported yesterday by the Australian Prudential Regulation Authority in data up to the end of the 2012-13 financial year (30 June). APRA found the total worth of the superannuation pool grew to $1.62 trillion. In 2012-13, contributions swelled the pool by $115.3 billion, with employers contributing $77.5 billion and members contributing $36.5 billion.

It is good to see that members are contributing 47% of the total contributed to super – an encouraging sign!

However there is a bigger issue at hand – how much is needed to fund your retirement? – On 9 January 2014 | Chanticleer, The Australian Financial Review, page 40 wrote –
The mind-boggling numbers in the latest super statistics from the prudential regulator could easily distract attention from our demographic time bomb. Total super assets have grown to $1.6 trillion and there are equally staggering movements in and out of funds. Contributions in the year to June 2013 were $115 billion and the benefit payments jumped to $75 billion. But scratch a bit deeper and you will understand why there are widespread concerns among policymakers and sovereign credit rating agencies about the sustainability of the Australia’s long-term public finances. Average account balances are woefully inadequate to fund a retirement. Millions of Australians are headed for pension support in retirement.
In addition to this, 40% of Australians don’t have a plan of what age they aim to retire and if we are living longer we need to shake off the procrastination in Australia and not be complacent! For many people, a self-managed super fund (SMSF) is a way to take more control of your retirement wealth plan – could SMSF be right for you?

Interested to know what self-managed super (SMSF) is all about, how to get setup FREE and if it is for you? Come to a FREE seminar with bonuses, run every month Self Managed Super Fund Roadmap (all you need to know) for the next monthly event, see 1 SMSF – FREE Seminars or call us 0407 361 596

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
This entry was posted in Retirement Planning, SMSF Info, News & Stats, Superannuation General and tagged , , . Bookmark the permalink.

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