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 July 2021
Super funds continued their positive run into the new financial year, with the median Growth fund (61-80% growth assets) up 1.1% in July.
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 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
For most of us, our employer’s regular SG payments are the main source of contributions going into our super, so it pays to understand what they are.
Read moreWhat to do if your employer doesn’t pay your super
If your employer isn’t making regular contributions to your super fund on your behalf, you should take action so you don’t miss out.
Read moreHow the Division 293 tax works: Super surcharge for high earners
High-income earners pay extra tax on their concessional super contributions, so it’s important to understand the rules.
Read moreWhat is the maximum super contribution base for 2021–22?
High income earners face a quarterly cap on the amount of income on which their employer must make SG contributions. Here’s the limit for 2021-22 and previous years.
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?
The Pension Loans Scheme can be a great way to boost your retirement income by taking out loan from the government against the equity in your home.
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