Financial Standard Comments - Boost for corporate sector as Stronger Super details emerge

Comment by Richard ()

Richard () — Wed, 21 Sep 2011 15:17:06 +1000

There's a much better way to help increase the average retirees balance in super by well more than $40,000...
Remove the ridiculous contribution restrictions that are totally contradictory to Bill Shorten's recent comments on Inside Business, where he said "I have a vision that Australians should be able to retire comfortably, that Australians should be able to retire on 70 per cent of what they were earning before they retired" and "the goal is the customer and people retiring in Australia with enough money so that their last 20 and 30 years after they retire can be lived comfortably, and with some degree of decency."
These latest rounds of reforms will not achieve this so long as superannuation contribution limits continue to prevent those Australians from being able to make adequate lump sum and large regular contributions into super.
It's not rocket science it's mathematics.

Reply to article

For original story, Click Here.

Comment by Andrew ()

Andrew () — Wed, 21 Sep 2011 16:25:14 +1000

Cheaper super and simpler super is one thing but there is still the issue that most Australian's need advice about where to invest their super within their respective fund. What is an appropriate asset allocation for a 20-30 year old? How much should they be contributing themselves? What insurance level is appropriate for my situation?
A bespoked solution is still required and the members need to seek and pay for advice.
Members may need to be protected from advisers getting fees when no service is performed BUT members also need to be protected from themselves. Most people need guidance with their planning and as advisers we should be appropriately paid for providing that advice. What is the cost to produce an SoA? How long does it take to collect the appropriate data to provide a reasonable basis for the advice.

Reply to article

For original story, Click Here.