Government ponders more super changes, Age Pension freeze, Affordable financial advice, Super returns continue positive run, Super funds take climate action
Highlights of the September 2020 edition of the SuperGuide Premium newsletter include:
- AGE PENSION INCREASE ON HOLD: There will be no September rise in the Age Pension for the first time in 23 years, but increased asset and income thresholds give some part-pensioners a lift.
- IS SUPER IN FOR ANOTHER SHAKE-UP? Senator Jane Hume discusses early release, her ambivalence about the planned SG increase, and how to close the super gender gap.
- SUPER RETURNS KEEP ON COMING: Buoyant share markets lifted super fund returns in August, but can this five-month winning streak continue?
- DEMAND SOARS FOR AFFORDABLE ADVICE: As the shake-up in financial advice gathers pace, super funds are moving in to meet the demand.
- CLIMATE-PROOFING SUPER INVESTMENT RETURNS: More funds are signing up to dial down their financial exposure to climate risk.
- SMSFs TAKING CONTROL OF THEIR FUNDS: Managed accounts offer greater control, flexibility and tax benefits than traditional managed funds, tempting more SMSFs to make the switch.
SUPER NEWS
Super news for September 2020
Early release super scheme hurts the young and low paid, ‘Herstory’ of superannuation, Confusion about ESG and super caps and Increased appetite for financial advice.
Read moreVideo: Senator Jane Hume on changes to super
Tracey Spicer talks to Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology about recent and upcoming superannuation changes including the early release of super scheme, the proposed rise to the superannuation guarantee, what can be done to improve super outcomes for women and the outstanding recommendations from the Royal Commission.
Read moreVideo: How super policy settings work against women
Tracey Spicer talks to Cate Wood, Chair of Women in Super about some of the ways that super policy works against women, and how COVID-19 may widen the super gender gap.
Read moreSUPER FUNDS
Super fund performance: Monthly returns to March 2021
Super funds continued their phoenix-like rise from the COVID ashes in March, with the median Growth fund up 1.9% for the month and an extraordinary 12.2% for the first 9 months of the financial year.
Read moreWhat are lifecycle super funds, and how do they perform?
The surprisingly strong share market rally from April through to August resulted in strong positive returns for all Lifecycle cohorts during that period.
Read moreSuper funds are feeling the financial heat from climate change
New research indicates a fresh determination among Australia’s largest super funds to act on climate change risks.
Read more10 points to check on your annual super fund statement
Checking your annual super fund statement is important. Here are 10 key points you need to review to ensure your super fund is working hard for you.
Read moreSelecting your super fund: Can I make the choice?
Uncertain about whether or not you can choose your own super fund? Check out our simple guide to the current fund choice rules.
Read moreSUPER GUARANTEE
Your simple guide to Superannuation Guarantee (SG) contributions
The Superannuation Guarantee (SG) contributions made by your employer into your super account are the foundation of a successful retirement. So it’s worth understanding the SG rules and how they work.
Read moreWhat to do if your employer doesn’t pay your super
Employers are required to make SG contributions into your super account on a regular basis. But what can you do if they don’t pay?
Read moreHow the Division 293 tax works: Super surcharge for high earners
High income earners need to watch they don’t incur an extra 15% tax on their super contributions under the Division 293 rules. Here’s a simple guide to everything you need to know.
Read moreWhat is the maximum super contribution base for 2020/21?
While your employer is required to make regular Super Guarantee contributions on your behalf, higher income earners can miss out if they earn above the quarterly maximum super contribution base (MSCB) limit.
Read moreAGE PENSION
Note: There are no changes to Age Pension rates or the assets test or income test thresholds this September, but there are still opportunities for you to maximise your Age Pension entitlement and learn more about how the Age Pension is assessed.
Video: Maximising your Age Pension
Tracey Spicer talks to Regan Welburn from Marathon Financial Planning about how to maximise your Age Pension and other concessions available for seniors.
Read moreHow to maximise your Age Pension
There are many strategies you can employ to ensure that you’re making the most of your Age Pension, and in this article we’ll showcase some of the best options that may assist you.
Read moreCase studies: How is the Age Pension assessed?
In this article we detail how the Age Pension is assessed, how the income and assets tests work, and illustrate with case studies for a Single and a Couple.
Read moreAm I eligible for the Age Pension?
A common question from people planning their retirement is if, and when, they will be eligible for the Age Pension.
Read moreFINANCIAL ADVICE
Financial advice through super funds: What’s on offer?
There’s a huge unmet demand for affordable financial advice and super funds are keen to fill the gap.
Read moreCan I get free financial advice?
It’s a rare person who doesn’t want to improve their financial situation, but cost is often a barrier to seeking advice. Yet free advice does exist if you know where to look.
Read moreSMSFs and financial advice: A matter of cost and trust
Call it the COVID-19 Catch-22. Even though more SMSFs report an unquenched thirst for advice, fewer are seeking out financial planners.
Read moreSMSFs
SMSFs switch to managed accounts
Managed accounts are increasingly taking the place of managed funds in self-managed super fund (SMSF) portfolios because they give advisers the ability to act swiftly when markets move, as well as offering tax advantages and improved transparency.
Read moreVideo: Pros and cons of SMSFs
Tracey Spicer talks to Deborah Kent from Integra Financial Services about the pros and cons of SMSFs, and how ethical investing is becoming more popular.
Read moreIN RETIREMENT
What is the Pension Loans Scheme, and how does it work?
Older Aussies looking to boost their retirement income can take advantage of the government’s Pension Loans Scheme to generate a non taxable fortnightly income stream that helps pay their bills.
Read moreWhat government services are available for older Australians?
If you are retired or planning to do so in the near future it’s worth taking some time to check out the wide range of services, concessions and discounts available for older Australians.
Read more