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Showing 121 - 130 of 677 results for "Age Pension"

ISA renews calls for gig worker super

CHLOE WALKER  |  TUESDAY, 11 APR 2023
... would this extra money improve the quality of life for individuals at retirement it would reduce the burden on the age pension," ISA said. The federal government has alluded to extending the Fair Work Commission powers to establish a minimum set of employment ...

Australians want super safeguard: ISA

CASSANDRA BALDINI  |  MONDAY, 3 APR 2023
... to embed this in the law," said ISA chief executive Bernie Dean. The scheme has also increased the taxpayer-funded age pension burden, with every $1 taken out of super resulting in up to $2.50 extra added to future pension costs. "Having super's ...

Inflation erodes retiree savings by 7.5%

KARREN VERGARA  |  TUESDAY, 21 MAR 2023
... since the early 1990s, ASFA chief executive Martin Fahy said. For retirees, falling real wages have meant that the Age Pension payments have not benefitted from adjustments linked to wage increases. "These ongoing pressures on retiree budgets have caused ...

Super tax break crackdown to hit $410bn in savings

ANDREW MCKEAN  |  WEDNESDAY, 1 MAR 2023
... percentage of people with very high balances." "Our modelling shows that the average person, with the support of the age pension, only needs $258,000 in super to maintain their standard of living in retirement; those people won't be affected by these ...

Government to double tax for high super balances

ANDREW MCKEAN  |  TUESDAY, 28 FEB 2023
... billion a year, mostly go to high income earners. The cost of these concessions is projected to exceed the cost of the Age Pension by 2050. Further, over 55% of the benefit derived by superannuation tax breaks on earnings are enjoyed by the wealthiest ...

Australia leads the way in pension system sustainability: ASFA

ANDREW MCKEAN  |  THURSDAY, 23 FEB 2023
... supported by it having a higher retirement age compared to other OECD nations. Additionally, Australia's flat rate age pension is targeted towards retirees with lower private income/assets, the report said. Meanwhile, global pressures on fiscal sustainability ...

Ending the super wars: Government acts to legislate an objective

ANDREW MCKEAN  |  MONDAY, 20 FEB 2023
... sustainability and a dignified retirement at the heart of superannuation policy while recognising the ongoing role of the Age Pension," said ASFA chief executive Martin Fahy. "This objective offers a retirement aspiration which is fit for purpose, and ...

The self-funded retiree is a misnomer: Institute

JAMIE WILLIAMSON  |  MONDAY, 6 FEB 2023
... Australia Institute shows the cost to the federal budget of tax concessions is almost on par with the total cost of the Age Pension, with the think tank declaring the 'self-funded retiree' a misnomer. According to the insights, the annual cost of super ...

Mercer proposes superannuation tax overhaul

ANDREW MCKEAN  |  MONDAY, 6 FEB 2023
... super tax reform, Knox concluded that the objective of Australia's retirement income system, encompassing both the Age Pension and superannuation, should enable most retirees to maintain their pre-retirement standard of living. However, the taxation ...

All financial advice should be tax deductible: FPA

CASSANDRA BALDINI  |  FRIDAY, 3 FEB 2023
... from more people accessing financial advice as it tends to lead to a lower reliance on social services such as the age pension with more dependence on personal assets come retirement. The FPA said it broadly supports the decision to implement the Compensation ...