POWERED BY MOMENTUM MEDIA
How much money is needed for retirement?
Following consultation with the financial community, Super Consumers Australia (SCA) has developed new retirement savings targets for households.
SCA’s consultation engaged consumers, academics, regulators, industry experts and superannuation funds across 30 organisations.
SCA director, Xavier O’Halloran, said: “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income those savings will deliver in retirement. These new retirement targets are designed to help people answer these questions. They provide a solid ‘rule of thumb’ for what is needed to maintain your living standards when you’re retired
“These savings targets are based on what people spend in retirement with a buffer built in to provide confidence that people’s savings can weather the type of market volatility we’re currently experiencing. Having credible targets, based on actual spending, means people can confidently spend and get on with enjoying their retirement.
“These targets come at a time when the superannuation industry is grappling with the needs of consumers who are approaching retirement. As part of the Retirement Income Covenant, we would expect funds to be using these targets to help members make sense of their retirement income needs.”
The targets, supported by the philanthropic group Ecstra Foundataion, were provided below:
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
