APRA super heatmap, SMSF basics, Independent financial advisers, Investing in retirement, Downsizer contributions, Latest super fund performance
Highlights of the December 2019 edition of the SuperGuide Premium newsletter include:
- SUPERANNUATION: APRA release their MySuper heatmap to a mixed reaction from the industry and consumer groups. Barbara Drury explains what the heatmap is designed to achieve and highlights some of the key findings.
- SUPER INVESTING: Beef up your investing knowledge with our guides to listed and unlisted assets, and unit pricing and crediting rates.
- SMSFs: If you have an SMSF, or are considering one, it’s essential that you know how SMSFs work and what special rules apply to them. Take a refresher on SMSF basics in our suite of articles from how to start one to how to wind one up. Noel Whittaker also highlights the key differences between SMSFs and public offer super funds.
- FINANCIAL ADVICE: ASIC release a review into the financial advice provided by super funds – and you would have hoped it would have been better than “generally appropriate”. We look at the types of financial advice on offer and give you the lowdown on what happens when you meet a financial adviser, and why independent financial advice is important. We also feature video interviews with a selection of independent advisers who talk to us about why they chose to go independent, the benefits of truly independent financial advice, and the difference it makes for their clients.
- RETIREMENT PLANNING: Investing when you’re in retirement can be confusing. Janine Mace explains the 10/30/60 rule and how to select an investment option for your super pension. We also provide a handy guide on how to make downsizer super contributions.
- LATEST SUPER NEWS AND PERFORMANCE: We wrap up the key super stories over the last few weeks, and share the latest super performance for balanced and lifecycle funds.
SUPERANNUATION
Super news for December 2019
This month we look at APRA’s MySuper heatmap, the new ‘Right to remain’ test recommendation, longevity tables in need of an update, new research shows that the majority of Australian retirees are independently navigating their way through their retirement finances and Treasury invites submissions as it considers the present and future performance of our retirement income system.
Read moreAPRA ‘heatmap’ raises the heat on underperforming super funds
APRA has released a ‘heatmap’ of MySuper superannuation funds designed to smoke out underperformers. We look at why it’s come about, and what insights it presents.
Read moreHow does the First Home Super Saver (FHSS) Scheme work?
The government’s First Home Super Saver (FHSS) Scheme can be a handy tool when you are saving for your first home. But it’s not for everyone.
Read moreWho to turn to if you have a problem with your super or financial adviser
Knowing who to complain to when you need help resolving a problem with your super fund or financial adviser can be confusing. Whether it’s a concern about poor advice, problems with unpaid SG contributions, or questions about how your private data has been handled, there are a number of organisations that can help.
Read moreWhat is myGov and how do I use it?
Instead of rolling up to your local Centrelink, ATO or Medicare office to ask a question or get some help, we now deal with the government via our myGov account. Here we provide a simple guide to the myGov portal.
Read moreSuper fund performance: Monthly returns to August 2021
Super funds continue to produce strong returns for their members in a difficult economic climate, with the median Growth fund up 1.7% in August for a cumulative return of 2.8% in the first two months of the financial year.
Read moreWhat are lifecycle super funds, and how do they perform?
The impressive share market recovery since the end of March last year has boosted returns for all Lifecycle age cohorts during that period, but younger members with higher allocations to shares have enjoyed the best of bounce back.
Read moreSUPER INVESTING
How to grow your super: Know your risk profile
What’s your risk profile and why is it key to one of the most important decisions you can make when it comes to boosting your super account?
Read moreWhat are listed and unlisted investments and why does it matter?
When it comes to delivering a good investment return to their fund members, super funds mix a variety of investment assets and structures together. To understand what your super fund is doing on your behalf, it’s worth learning a little more about these investments – particularly whether they are listed or unlisted.
Read moreWhat are unit pricing and crediting rates and why do they matter?
Understanding your super balance and comparing the performance of your super fund with other funds involves more than just checking fees, super contributions and insurance premiums. It’s also knowing how – and when – your super fund calculates and applies investment earnings to the balance of your super account.
Read moreSMSFs
What are the key differences between SMSFs and public offer funds?
Self-managed super funds are still growing both in number and in assets. Yet, despite the popularity, the average trustee of an SMSF has only a vague understanding of the difference between those funds and public offer funds, which include retail funds and industry funds. Here, Noel Whittaker clarifies the differences.
Read moreWhat is a self-managed super fund (SMSF)?
An SMSF is a private super fund you manage yourself, giving you more control over how your retirement savings are invested. We look at how they work and some of the benefits and drawbacks of going it alone.
Read moreWhat is the sole purpose test, and how does it work?
For all its complexity, super boils down to one simple goal. Lose sight of that goal, and the ATO will come knocking.
Read moreHow to set up an SMSF correctly
Having your own SMSF can be a rewarding experience, provided your fund is set up correctly from the get-go. Here are the nine steps required to get your SMSF up and running.
Read moreSMSFs: Corporate or individual trustee?
One of the first decisions you must make when setting up an SMSF is whether to choose a corporate or an individual trustee structure. We take a look at the pros and cons and the key differences between the two structures.
Read moreSMSFs: What advice can your accountant provide?
While many SMSF trustees turn to their accountant for assistance, they can only provide advice on some SMSF-related matters. To help SMSF trustees navigate this tricky area we’ve compiled a checklist to help you work out if your accountant is the right person to ask for help.
Read moreHow to wind up an SMSF
There are many reasons why you might choose to wind up your self-managed superannuation fund (SMSF) – you’ve retired and you’re not taking a pension, you don’t have the time to manage it efficiently anymore, or a trustee might have passed away – but, just like starting a SMSF, there is a proper process to go through.
Read moreFINANCIAL ADVICE
What difference does it make that a financial adviser is independent?
Members of the Profession of Independent Financial Advisers (PIFA) talk about why it was critical for them to only provide independent financial advice, what changes when they become independent, and how it changes how they work with clients.
Read more5-step guide to the different types of financial advice on offer
This article includes a simple step-by-step checklist to guide you through your financial advice experience.
Read moreMixed review of financial advice by super funds
Financial advice provided by super funds to their members is “generally appropriate’’ but could be better. That’s the gist of a recent review of the sector by the regulator, the Australian Securities and Investments Commission (ASIC).
Read more7-point guide to what happens when you meet a financial adviser
Getting good financial advice can make a big difference to your retirement outcome, but before you take the plunge make sure you understand what’s involved.
Read moreIndependent financial advice: Why it’s important and how to find it
Recent legislation requiring advisers who are not independent to advise clients of the fact is a welcome move. But does it go far enough?
Read moreList of Australian independent financial advisers
Finding a truly independent financial adviser is not easy, but don’t let that put you off. We’ve done the hard work for you.
Read moreRETIREMENT PLANNING
How the 10/30/60 Rule can help achieve your retirement plans
Research first undertaken in the United States nearly 30 years ago found around 90 cents of every one dollar in retirement income comes from the earnings you achieve on your super investments, with only 10 cents coming from your own savings.
Read moreHow to choose an investment option for your super pension
Most super funds offer a range of super pension products, so you have lots of choices when it comes to investment options.
Read moreMaking downsizer super contributions: 10 things you need to know
If you downsize your home, putting some of the proceeds into your super can help feather your retirement nest.
Read moreWe’re delaying major life events, and our retirement income system hasn’t caught up
Asked to conduct an independent review of Australia’s retirement income system, the panel appointed by treasurer Josh Frydenberg reported that it was all tied up with the family home.
Read more