Top 30 super funds and pension funds, discounts for over-60s, $1 million SMSFs, comparing super funds in 8 steps, lifecycle options, SMSF audit changes
Welcome to the August 2018 edition of the SuperGuide Premium newsletter. Highlights include:
- OVER 60 AND WANT TO SAVE SOME CASH? Getting a non-means tested state Seniors Card gives you access to valuable concessions on transport costs and discounts from participating businesses for a wide range of goods and services. To help you make the most of this valuable free scheme, SuperGuide has compiled a detailed guide on accessing Seniors Cards in each state and territory, and the discounts and benefits you can receive. See link below.
- TOP 30 SUPER FUNDS OVER 5 YEARS. We have updated our popular Top 30 fund articles taking into account the 2017/2018 financial year results, and separately we explain the growing significance of lifecycle investment options, and what they can mean for your retirement balance.
- YOU DON’T NEED $1 MILLION TO START AN SMSF. Meg Heffron doesn’t agree with the Productivity Commission’s draft findings that SMSF fund balances need to be at least $1 million to be competitive. Check out her views in the link below. And the proposal to stretch the annual SMSF audit to a three-year requirement has not been well received by SMSF trustees, or by SMSF auditors. See what both camps have to say in the opinion pieces below.
- IS IT TIME TO REVIEW YOUR SUPER FUND? With the eye-popping revelations coming out of the Financial Services Royal Commission, it is worth reviewing your super fund to ensure you’re comfortable with your fund’s investment returns, fees charged, and your life insurance cover. In this edition, we also provide you with the tools to help you compare your fund with others.
- ENCORE ARTICLES. For your convenience and reference, we have included our 2018/2019 guide on the latest superannuation rules, and a critique of the superannuation industry, published in recent newsletters.
We hope you find the August 2018 newsletter helpful.
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, Dr Jim Bonham is deeply concerned about the proposed changes to the SMSF audit rules, and the ongoing instability for retirees and future retirees. 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?
This article lists super funds that have delivered the top returns for Australian fund members over the past 5 years (for super savings invested in the balanced/growth style option). Read more
Pension or retirement funds are those pension products/funds that pay out super pensions to its members. This article lists the 30 top-performing pension funds over a 5-year period to 30 June 2018. Read more
Your super money may be invested in a lifecycle product, which invests according to your age, and reduces the amount of growth assets as you get older. Read more
The median superannuation growth fund gained 1.1% in value for the month of July 2018, after gaining 9.4% in value for the 2017/2018 financial year. Read more
In this article you can find the cheapest super funds and the cheapest super pension funds. The fees listed relate to the balanced investment option of the particular public offer super fund. Read more
A popular question from SuperGuide readers is: what is the best-performing super fund in Australia? Using the term ‘best’ is dangerous in any field because it involves some level of personal judgement… Read more
COMPARING SUPER FUNDS
We receive many questions from readers about particular superannuation funds and whether we think fund A or fund B is a good super fund. Read more
Q: I have my super with a major financial organisation. I’m wondering, are they a good company to be dealing with? I feel that their fees are a bit high. Read more
This article, on the different types of super funds, helps explains the main players in the Australian superannuation world. Read more
‘What is MySuper?’, you may ask. A good question since the federal government and the super fund industry talked to themselves for several years about MySuper, and have largely forgotten to mention this major change to fund members. Read more
One of the better deals in superannuation has only a slight connection to your life in retirement. Life insurance cover within super funds rarely makes the headlines but for many Australians they are getting cost-effective cover from their super funds. Read more
Have you investigated how the super changes will affect your superannuation and retirement plans for the 2018/2019 year, and for future financial years? Read more
Reading the Productivity Commission’s draft report on the superannuation system reminds me very much of the Hans Christian Andersen’s tale, The Emperor’s New Clothes. Read more