$1m does not make you rich, Australians sayBY MARK SMITH | MONDAY, 15 FEB 2016 12:25PMA fifth of those with a household income of $200,000 are living pay-cheque to pay-cheque and having $1 million does not make you rich. Related News |
Editor's Choice
Ausbil shutters $27m long short fund
|Ausbil Investment Management has shuttered its Long Short Focus Fund, with $27 million in funds under management (FUM).
Ageing dynamics require holistic retirement planning: La Trobe
|As more Australians enter retirement, the phase increasingly resembles a "distinct" economic life cycle, making better retirement planning essential rather than just an opportunity for financial advisers.
Aware Super elevates data and AI with new promotions
|Artificial intelligence (AI)and data analytics are becoming increasingly central to investment decision-making, with Aware Super reshaping its investment leadership to strengthen how technology informs portfolio strategy.
Challenger open to TAL takeover at a better price
|Challenger will continue to engage with TAL Daiichi Life to get a better offer price, after it rejected the takeover bid earlier this week, stating the offer falls short of a level it could recommend to shareholders.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
Unfortunately what having $1m in super now does is that it disqualifies you from the Seniors Health Care card, therefore giving you the dubious pleasure of paying much more for your health costs and missing out on discounts offered to other seniors.
Also self-funded retirees miss out on "compensation" offered to others, including on the now hopefully dead and buried proposal to raise the GST, which would have been a 5% impost on our cost of living.
The constant threats of more changes are also worrying, including the proposal to tax earnings on super backing income-streams, whereas if we withdraw the money and invest elsewhere and earn less than the threshold we will pay zero tax.