POWERED BY MOMENTUM MEDIA
Every single super dollar counts to avoid Age Pension
With many young Australians facing a sustained period of unemployment due to the economic impact of COVID-19, it is now even more important the superannuation guarantee (SG) is lifted to 12%, a super body believes.
The Association of Superannuation Funds of Australia (ASFA) said the cost at retirement for a typical 25-year-old woman who accessed $20,000 in the early release of super scheme could be as much as $85,000 if she was unable to secure employment and contribute to super for two years.
ASFA deputy chief executive, Glen McCrea, said: “If today’s young people are to avoid ending up on the Age Pension, every single dollar contributed to superannuation counts”.
ASFA noted that around half a million Australians has used the early access to super scheme with the majority being under 35 years old.
“Lifting super to 12% of wages will mean more people in retirement can afford decent aged care. It’s not fair that young people should suffer the devasting impact of COVID-19 now and then also be forced into poverty in retirement by relying solely on the Age Pension – we are better than that,” McCrea said.
Recommended for you
Australia’s second-largest super fund has added thermal coal companies to its list of investment exclusions.
The fund has expanded its corporate superannuation solutions to partner with Australian businesses of all sizes.
The chief executive of Aware Super anticipates a significant shift in how ESG factors will influence portfolio values in the next six years, surpassing the changes witnessed in the past two decades.
In a recent statement, shadow assistant minister for home ownership and Liberal senator for NSW, Andrew Bragg, accused ‘big super’ of fabricating data attributed to the Reserve Bank of Australia to push their agenda.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
62.62 3 y p.a(%)
3
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.95 3 y p.a(%)
4
Acadian Global Equity Long Short Class A
32.82 3 y p.a(%)
5
CFS FC Acadian Global Equity Long Short
32.44 3 y p.a(%)
Add new comment