Best performing super funds, Seniors cards, SMSF audits, Comparing funds
Welcome to the August 2018 edition of the SuperGuide Premium newsletter. Highlights include:
- SENIORS CARDS: There’s a surprising array of benefits, concessions and discounts if you are eligible for a seniors card. Find out what you could be claim for in your state, and how to apply.
- IS $1 MILLION REALLY THE MAGIC FIGURE FOR SMSFS? Meg Heffron debunks the Productivity Commission’s theory that you need $1m to start an SMSF.
- SMSF AUDITS: Nobody seems to like the Coalition’s 3-yearly audit policy – neither the auditors nor the trustees. Belinda Aisbett and Jim Bonham present the views from either side, and both are in agreement that it’s a policy ultimately lacking in purpose.
- BEST PERFORMING SUPER FUNDS: It always pays to keep track of the latest stats on the best performing funds. This month we look at the top performing super and pension funds over 5 years. Separately we also present the super and pension funds with the lowest fees.
- COMPARING SUPER FUNDS: Now you know the top performers and cheapest funds, are you sure your fund is up to scratch? Find out what are the main types of funds, how to review yours, and what else you should consider when comparing super funds.
SPECIAL DEAL FOR OVER-60s
This article explains the benefits of state Seniors Cards, and how to apply for a card in your state. Read more
Depending on who you believe, self-managed superannuation funds range from being the greatest invention of the modern age or the most likely cause of the next financial crisis. Read more
As an SMSF trustee, I am concerned about the proposal to introduce three-year audits for some SMSFs, primarily for two main reasons. Read more
After the initial shock has worn off, and now that Treasury has released a discussion paper outlining the proposed three-year audit cycle for SMSFs, it is time to consider how the proposed measures (if adopted) will be rolled out, and how these measures will affect both the SMSF sector and the obligations of SMSF trustees. Read more
IS YOUR SUPER FUND PERFORMING?
Being in a good performing super fund is one of the key factors for growing your super balance. The recent Productivity Commission (PC) review of superannuation identified that members of consistently poor performing funds would have substantially lower super balances at retirement. Read more
According to the 10/30/60 rule, 60% of your retirement income comes from the investment returns you achieve during your retirement. While this rule originated from a US study, the principle holds broadly true for Australian retirees and underlines how important it is to continue to earn a good investment return in your retirement years. Read more
Close to 70% of Australians with super in one of the major funds are invested in their fund’s MySuper option, the default option for employees who don’t choose a super fund. If you are a member of a retail fund, this is most likely a lifecycle product which is designed to reduce your exposure to higher risk growth assets as you age. Read more
In this article you can learn the monthly performance for super funds over 5 investment options going back to July 2015. Read more
In the recent Productivity Commission (PC) review of superannuation, the high fees paid by too many super members became a principal focus for the report. A key issue identified by the PC was that “balances are eroded by fees and insurance”, and the PC also claimed that fees were “the biggest drain on net returns”. Read more
COMPARING SUPER FUNDS
Superannuation is a long-term investment but that doesn’t mean you can afford to put off thinking about it for a day that never comes. Read more
Is your super fund a star performer or a lemon? It’s a question more Australians are asking after the Productivity Commission and the Hayne Royal Commission highlighted widespread overcharging and underperforming across the superannuation system. Read more
Choosing a super fund is one of the most important financial decisions you will make during your working life. With the difference between a top fund and a poorly performing one potentially adding tens of thousands of dollars to your retirement nest egg, choice of fund deserves careful consideration. Read more
If you are now, or even have been, an employee and can’t remember ever choosing a superannuation fund, chances are you have retirement savings sitting in one or more MySuper accounts. Read more
Life insurance inside super is the most common of all personal super insurances. It is often bundled with TPD (Total and Permanent Disability) cover and sometimes with income protection insurance. Life insurance is often referred to as death cover by super funds. Read more
When you mention super, most people shake their head and mutter about the constant rule changes. Looking back over the past few years it’s a fair comment, with many significant changes occurring – and many more proposed but never legislated. Read more
Australia’s current super system is “harming millions of members” through underperforming funds, multiple accounts and excessive fees. Read more