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Showing 131 - 140 of 690 results for "Age Pension"

Super fund selection driven by fees: SCA

ANDREW MCKEAN  |  THURSDAY, 13 APR 2023
... showed that only 42% of participants are confident about having enough super for retirement, while 43% believe the Age Pension will suffice if their super savings deplete. Delving further into consumer choice and behaviour, the survey indicated that ...

Cut spending and raise taxes, super preservation age: Grattan

JAMIE WILLIAMSON  |  WEDNESDAY, 12 APR 2023
... implemented. Tax breaks on super currently cost about $45 billion a year and are estimated to surpass the cost of the Age Pension by 2036. As previously flagged Grattan wants to see super earnings in retirement taxed at 15%, pre-tax contributions of ...

Drawdown reforms boosts post-retirement phase

KARREN VERGARA  |  TUESDAY, 11 APR 2023
... The final recommendation involves improving how super interacts with other parts of the retirement system like the Age Pension. Annual benefits paid out by superannuation as retirement income would be 10% higher each year, increasing to $38 billion more ...

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 ...