Financial Standard Comments - Cost of living outpacing retirement incomes Retirement incomes need to grow by $600 per year to comfortably keep pace with rising costs of living, new figures have confirmed. https://www.financialstandard.com.au/feed/latest?story=12111766 Fri, 15 Jul 2011 14:06:08 +1000 Fri, 15 Jul 2011 14:06:08 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by John Haster () Every time there is a change in Superannuation, another nail is hammered into the future of retirement savings. Young people need to feel that their super is sacrosanct and cannot be fiddled with by politicians and public servants looking for anything to make a name for themselves at enormous cost to all.
Curb the total that can be held in anyone's super and then make and keep it attractive.
I find it abhorrant that some people can have a super balance of $100 Miilion.
Tax advantages connected with super should not be able to be abused by the rich.
Perhaps a maximum of $5 Milion?
Any thoughts?

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]]> John Haster () Fri, 15 Jul 2011 14:06:08 +1000 Comment by Artful Investor () It is fantastic that you can build your super fund to $100 Million, because with the new concessional caps, it is particularly hard to do. This couple will not be reliant on the Government, and probably nor will their offspring. But they will all be paying income tax during their working lives.
The real issue is that the contribution levels are too low, and deductibility levels should be bought in line with the current CGT Caps, which is close to $1.2 million, per person.
Until we do, we have a grossly inequitable system for super contributions.

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]]> Artful Investor () Fri, 15 Jul 2011 15:25:34 +1000 Comment by John Haster () The highest SMSFs are now $100 Million.
I agree totally with Artful Investor regarding the rediculously low contribution levels.
Being now retired and living from accumulated super in our SMSF, I am sorry not to have been able to contribute more. Perhaps I too was quilty of not trying harder to increase our contributions.
With the present system, the restrictions are simply not in keeping with what retirees will need for a reasonable retirement.

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]]> John Haster () Fri, 15 Jul 2011 16:14:22 +1000