Study warns of retiree income black hole

‘Potential for outliving retirement savings is high’, says report

workers

Do you want the bad news or the bad news?

A new survey of almost 9500 people that looked at every stage of retirement has cast doubt on current savings and superannuation strategies globally. For those who are or had been saving less than 10 per cent, “the potential for outliving retirement savings is high,” according to State Street Global Advisors’ Retirement Reality Report 2018.

And the other bad news?

The study found that almost half of people within five years of retirement conceded they would be retiring later – perhaps a positive outlook for Australians, given the Federal Government’s intention to push the Age Pension eligibility age to 70?

“When you ask people how they were going to make up any income shortfall in retirement … they seem to have embraced the idea that if you’re going to be living longer, then that means you also need to work until an older age,” said Catherine Reilly, global head of research for investment management company State Street Global Advisors.

To better understand the savings journey, State Street surveyed workers in Australia, the US, the UK, Ireland, Italy, Germany, Sweden and the Netherlands.

Of those who conceded they had a retirement income shortfall, 61 per cent said they were planning on working part time during retirement.

Ms Reilly said this represented a “huge change” when compared with current retirees in the countries polled with only nine per cent of current retirees working.

“People are planning on changing their behaviour in order to confront the retirement challenges they face,” she said.

All countries surveyed either had or were introducing defined contribution savings strategies as part of a worldwide shift away from defined benefits.

A majority of people said they were saving less than 10 per cent of their income, with Ms Reilly saying that “is less than you would want to see”.

At one end of the scale, in the US, super-type contributions are voluntary for both employers and employees; Australia mandates a 9.5 per cent employer contribution – rising to 12 per cent by 2025 –  and in the Netherlands, the required contribution rate is on average 20 to 25 per cent of salary, with the employee contributing four to six per cent.

The report said: “In the current market environment, a participant who saves 10 per cent of her salary from age 25 to 65 could expect to receive a replacement rate of about 30 per cent of their salary at retirement. This should give individuals and providers across the globe pause to consider course corrections.”

The report found that the spending expectations of pre-retirees and retirees in the eight countries were largely consistent, with priority going to regular essentials, holidays and healthcare.

It also noted the emergence of the Bank of Mum and Dad.

“Exceeding pre-retirees' expectation is retirees' financial support of their families. This heightened focus extends to helping adult children and grandchildren as well as building an inheritance.

“In fact, building an inheritance for heirs is a factor that grew in importance for retirees, displacing self-oriented investments that pre-retirees expected to make in activities like exploring a new hobby or continuing adult education. This shift likely reflects people’s values changing with age, but may also be an indicator of the increasing financial needs of younger generations.”

Are you working part time in retirement? Do you plan to work longer or work part time after 65? Are you building an inheritance?

RELATED ARTICLES





    COMMENTS

    To make a comment, please register or login
    MICK
    31st Jul 2018
    9:52am
    "Australia mandates a 9.5 per cent employer contribution – rising to 12 per cent by 2025".
    This is the same rubbish which was being run 30 years ago. Contributions are still almost the same as they were then.

    The author might want to give some REAL comparison information like comparing pensions in Australia to those in the countries she named as well as comparing the ongoing attacks on retirees from the current rich man's government to what is not happening overseas. The article is impotent without the above as retirees need to see they are being done over rather than be presented with feel good rhetoric which only serves the purpose of business as usual.
    An election is coming. Make it count and start to agitate for a better deal for the retirement community rather than one attack after the other to destitute our community..
    HarrysOpinion
    31st Jul 2018
    10:46am
    Labor- 2012-2013 OAP increased by 9.92% over 2 years
    Centrelink service was very good
    OAP's treated with dignity

    Coalition- 2014-2017 OAP increased by 7.63% over 4 years
    Centrelink service is lousy
    OAP's treated with indignity

    Federal election can not come soon enough..."to kick arse"....
    Rae
    31st Jul 2018
    1:23pm
    Yes and the self employed and gig workers. Business owners do not have to contribute 9.5% at all. So how will they manage in retirement. Our Superannuation scheme isn't universal at all.
    Anonymous
    31st Jul 2018
    2:15pm
    Rae - the self emnployed CAN contribute
    Ut's one way to minimize taxes - better to pay 15% tax with the proceeds invested in tax favourable manner than pay 42.5% tax on profits
    Rae
    31st Jul 2018
    4:04pm
    Not if you do okay on capital gain and cashflow olbaid. 15% is tax if you aren't paying much tax and the profits are taxed as well and it's in a vehicle with huge sovereign risk.

    They can but do they? I've never seen the data for it anywhere.

    Superannuation is a tax minimisation scheme but comes with locking up capital and changing rules and it's expensive.
    Self employed and business owners have better ways to minimise tax with less risk and allowing their capital to be available if they need it.
    Just incorporating averages out at around 12% taxes and Capital actually pays less in GDP now than 50 years ago at 3.2% of GDP.
    Anonymous
    31st Jul 2018
    4:10pm
    Rae - you are contradicting yourself. On the one hand you say, self employed "have better ways to minimise tax with less risk and allowing their capital to be available if they need it" and on the other you say "how will they manage in retirement"

    They obviously have money outside super to take care of their retirement
    Jim
    31st Jul 2018
    6:47pm
    I need some clarification here Mick, you state that contributions are the same now as they were 30 years ago, when superannuation was introduced just over 30 years ago compulsory contributions by employers was 2.5% now its 9.5% how are you determing your statement, are you referring to inflation?
    Anonymous
    31st Jul 2018
    7:21pm
    Jim - wage inflation (including promotions) runs at higher than CPI , so Mick's false argument cannot use inflation as an excuse
    Anonymous
    31st Jul 2018
    7:53pm
    12% sounds good until you are forced to swallow the reality of part-time casual under contract temporary for life...... then all you are doing is feeding the funds managers....
    Anonymous
    31st Jul 2018
    7:57pm
    The rising percentage of contriution in lieu of pay increase most likely reflects the developing general impoverishment of the majority of the workforce under the regime I've outlined above... part-time casual contracted labour for life......

    How does anyone in that situation prosper mightily in any way - including getting a mortgage to one day own a home?

    How can they guarantee putting away a specified amount every week/fortnight/month when they have no idea when they will receive more work or retain the work they have?
    Anonymous
    31st Jul 2018
    8:43pm
    Trebor - 40% of Aussies retire at or before 45 years of age.

    The average retirement age for males is 58 and females 51. How do you explain that other than to admit our super scheme is working very well
    MICK
    3rd Aug 2018
    8:29am
    Jim: I'm working on memory and recall that superannuation paid by employers started around 8%. Please correct me if incorrect.
    JJ
    5th Aug 2018
    12:06pm
    Mick, I remember when the super contribution was 5%. That was the amount for many years I believe.
    Captain
    5th Aug 2018
    4:33pm
    Mick, original contribution rate by employers was 3%.
    jackie
    31st Jul 2018
    10:10am
    Previous generations of retired pensioners didn't have the luxury lifestyles of today and were poor because the pension has never paid much ever. You can't expect to have luxury on a pension. Previous generations of Australian pensioners hardly travelled, worked hard at looking after themselves and watched every scarce penny they had. We are all born to die so stop worrying about a corrupt system that gets more money from it's citizens than throughout history and is never satisfied. The fat cats at the top make good use of it for themselves.
    Old Geezer
    31st Jul 2018
    10:26am
    Agree pension should only cover basics and if you want more you have to save for it.
    MICK
    31st Jul 2018
    11:56am
    You miss the point jackie that humanity has become richer, at least in the first world. I remember how I grew up in a middle class home. Nothing much there.
    The issue is not about retirees wanting to live like kings. Some do but most are just surviving.
    Mad as Hell
    31st Jul 2018
    11:56am
    Yes OG if you save more for the little extras the government takes away your OAP or reduces it.The OAP is an asset to which all pensioners are entitled.
    Anonymous
    31st Jul 2018
    12:36pm
    OG - that is exactly the way it is in European countries, the pension is for the basics and what you put away extra is for the life style you wanted in old age. In this place your investments kill off your pension and the wastrel gets the rewards. Stupid system.
    Triss
    31st Jul 2018
    12:58pm
    OG, everyone doesn't come out of the same doll factory mass produced the same. The amount of money needed for basics will be different for someone in rental accommodation against a house owner, different for someone with disabilities against someone without, different for someone in a city against someone living rural, and the list goes on. Working on your comment of basics the government would have to employ a whole load of folk to work out what everyone's basic would be...and who would cop the cost, the taxpayer.
    Old Geezer
    31st Jul 2018
    2:05pm
    If the current OAP doesn't cover the basics for anybody then they are simply spending beyond their means.
    Triss
    31st Jul 2018
    2:14pm
    You'd have made a good sweat shop owner in the 1800's, OG.
    Old Geezer
    31st Jul 2018
    2:34pm
    Nay I'd have been a hopeless shop owner as I would never have put up with such stupid people.
    Triss
    31st Jul 2018
    4:20pm
    "You'd never have put up with such stupid people, OG", hmm, is that a mirror you're looking into?
    Old Geezer
    31st Jul 2018
    4:23pm
    If it is it is a very cracked one as I can see nothing.
    inextratime
    31st Jul 2018
    5:39pm
    The usual banal comment from OG. Everything is black and white but in reality there are thousands of shades of grey, but don't let reality get in the way of ego.
    Old Geezer
    31st Jul 2018
    6:57pm
    Of course everything is black and while but people look at it in shades of grey as an excuse that it is not simple but complicated.
    Anonymous
    31st Jul 2018
    7:58pm
    Yes - every pensioner should be adding to his/her shares portfolio every fortnight instead of cruising the high seas and throwing money away at clubs... (rolls eyes)....
    Mum
    31st Jul 2018
    10:19am
    I'm 71 and working two to three days a week as a primary school teacher. It's local, no travelling time, but lots of homework. I'm lucky to be able to do this.
    johnp
    31st Jul 2018
    10:52am
    Agree with HS
    fearlessfly
    31st Jul 2018
    10:57am
    If, like me, you are absolutely enraged by the increased amount of mindless advertising appearing in these articles, I recommend you add the Extension "Ads Killer Adblock Plus" to your Chrome browser - kills them dead!
    HarrysOpinion
    31st Jul 2018
    11:34am
    Those annoying pop-up ads pay towards the cost of running this forum.
    fearlessfly
    31st Jul 2018
    11:38am
    Tough, we're drowning in the damned things, in your face 24/7
    Hasbeen
    31st Jul 2018
    4:10pm
    Continually pushing these add type articles for superannuation gives the impression that the forum is owned by the industry, or it earns too much of it's income from it.
    Anonymous
    31st Jul 2018
    7:59pm
    I still do not wish to have companion flies if I go to Canada, no matter how they phrase it... the flies can stay home.... with the cows over the river...
    Kathleen
    31st Jul 2018
    12:04pm
    The reports that came out today have more immediate problems identifying the ever widening gaps between the haves and the have nots. The top 1% earn more in a fortnight than the bottom 5%do in a year. The people searching for work are given $39 a day to live on.
    The lowest paid workers are also in dire straits with massive gaps between them and the top 20%.
    It is not good enough to find arguments to justify this situation. It needs to be fixed urgently.
    Anonymous
    31st Jul 2018
    12:23pm
    There aren’t many searching for work at the moment . Australia is at full employment
    Alexii
    31st Jul 2018
    12:58pm
    Full employment doesn't mean there are no people searching for work - unemployed. There are plenty of them. As well there are many people who are categorised as "employed" but have only casual or part time work and want more work than they are able to find. Such people are "underemployed" but they help to create the impression of full employment.
    Anonymous
    31st Jul 2018
    2:36pm
    Alexii - most of the unemployed do it as a lifestyle choice.

    There's plenty of work out there for anyone who wants one
    Old Geezer
    31st Jul 2018
    4:30pm
    Agree there is heaps of work out there but no one wants to work these days.
    Anonymous
    31st Jul 2018
    8:01pm
    One in twelve Australians out of work is not 'full employment' - and adding twice that to under-employed is not 'full employment'....

    'Full employment' is when unemployment pure is around 2%.... and that takes in those unemployable... so if you add in DSP the actual figure is vastly higher.
    Kathleen
    1st Aug 2018
    9:49pm
    olbaid and OG,
    Australia is not at full employment. Youth employment is a huge problem. Where industries have been closed there is high unemployment. I have personally known a lady who applied for hundreds upon hundreds of jobs until she managed to get one.
    Heartbreaking for people!
    Retiring Well
    5th Aug 2018
    10:46am
    Kathleen there are many thousands of jobs available in the mining industry that they simply can't fill and are now looking to import workers. Many of our processing factories are now manned by foreign workers too. Why? Australians think such jobs are beneath them and won't do them.

    31st Jul 2018
    12:09pm
    It should also be mentioned that in European countries one can keep on working without losing the pension (look at yesterday's YLC edition) Give all the oldies a pension and the ones making more money just pay their taxes on the income without loss of pension entitlements. One of the prime reasons for Aussies not working longer, certainly was mine, was offered part time work after retirement, would have been stupid to take it.
    johnp
    31st Jul 2018
    12:31pm
    Agree with you Cowboy. think of all the savings also for the govt not having to police all the current OAP eligibility crap
    Rae
    31st Jul 2018
    1:28pm
    The entire retirement system here is pretty stupid. I think our politicians drink too much to make rational decisions. Maybe drug and alcohol tests pre legislation sessions is needed.

    Been going on since the Rum Corp days apparently which is why we are so far removed from sensible legislation.
    Sundays
    31st Jul 2018
    1:32pm
    Agree, ours is a stupid system. It doesn’t just affect the pensioner but also if they have a younger spouse. Friend’s wife offered part time work, but not eneough to live on by itself. She had to refuse because he would have lost the part pension.
    Old Geezer
    31st Jul 2018
    4:29pm
    So she took the handout instead of a job. Shame on her.
    Sundays
    31st Jul 2018
    4:37pm
    Yes she did because the part time casual job was not as much as his pension, and not eneough to support them both. It wasn’t an option which is why the system needs an overhaul. The Govt talks about aspirational, then puts roadblocks to make it impossible.
    Anonymous
    31st Jul 2018
    8:03pm
    Yes - been advocating this for a long time.... Cowboy Jim. Pension stands alone and untouched - extra is taxed as income... will take a while to work out the wrinkles such as past tax concessions for hoarding etc, but it will all level out one day.
    GeorgeM
    1st Aug 2018
    12:39pm
    Correct, Cowboy Jim, the system here cannot be compared with systems overseas. The (fake?) researcher has foolishly ignored that and has made very generalised statements which are invalid here. The system here punishes savers above certain Asset & Income limits and hence discourages both savers and part-time / casual work.

    Yes, Universal Pension is clearly the way to go - we are the meanest country in the OECD which avoids this and attacks retirees.

    So-called Research is clearly meant to help the Lib party's pensioner-attacking agenda as Mick also noted.
    Anonymous
    2nd Aug 2018
    2:47pm
    There will never be a universal pension here...bet my last dollar.

    31st Jul 2018
    12:22pm
    We are lucky that Australia is ahead of the curve with generous contributions to super and a pension safety net

    We have to accept reality that if we want to keep the generous pension safety net scheme , people have to stay in work longer or use their savings in the meantime
    Triss
    31st Jul 2018
    1:04pm
    I would agree with you, olbald, if it wasn't only the age pensioners who were forced to work until 70.
    Old Geezer
    31st Jul 2018
    2:36pm
    No one is forced to work until they are 70 as you can retire at any age.
    Rae
    31st Jul 2018
    4:22pm
    It is really easy to change reality when it becomes unacceptable. That is something the LNP needs to keep in mind as they go about their austerity thing they are doing.

    It rarely takes more than one real Leader with fire and conviction and the gift of the charisma.
    Anonymous
    31st Jul 2018
    8:06pm
    Pension at 65 as usual - if you choose to work- exercise your 'aspiration' - get in touch with your inner aspirant if you wish to work longer... choice-mobile, innit?
    Yup I Know
    31st Jul 2018
    12:30pm
    Who is Strate Street Global Advisors? What is their accreditation?
    johnp
    31st Jul 2018
    12:36pm
    Is a fund manager. Look up State St Global on the net. also the ratings agencies and maybe moneymanagement for their performance etc. Not sure how good their performance was or if was as good as the industry super funds generally. see https://investmentcentre.moneymanagement.com.au/
    Triss
    31st Jul 2018
    1:22pm
    Their parent company is an American global financial services and bank Global! and the study was with a paltry 9,500. Where did those people come from, how were they chosen, how old, what gender, what colour? Seems to me that all these financial industries, especially the 'Johnny come lately' concoct these intimidating retirement surveys to attract extra clients who then are charged large fees and commissions.
    GeorgeM
    1st Aug 2018
    1:41pm
    Just a bunch of fake, overpaid researchers who clearly don't understand that you can't compare apples with oranges!
    Part of their scheming to gain publicity and attract clients (maybe includes the Lib party).
    KSS
    31st Jul 2018
    1:31pm
    How is this news?

    We have been told for more than a decade that relying on the mandated superannuation is not enough and that we should be adding to our savings.

    Hardly surprising people are now living longer, warnings about an ageing population have been around for at least 20 years meaning the chances of outliving savings in retirement has been high for at least as long. And the ever increasing health budget gives a clue too - more drugs and medical interventions are keeping people alive longer than they would have done in the past!

    Must be a slow news day!
    Rae
    31st Jul 2018
    1:38pm
    A far bigger problem is the $US 240 trillion of world debt that the savings are propping up.

    If anything goes wrong it won't be just retirees losing their savings.

    And these people want us to throw more money at the problem.

    Tell them they aren't deeming , they are dreaming.
    floss
    31st Jul 2018
    1:45pm
    HS Centrelink has a lot to answer for after waiting for some 8 months for a answer it arrived today wait for it, some 212 a4 size pages has bureaucracy gone mad or is it just intimidation .
    fearlessfly
    31st Jul 2018
    1:53pm
    Oooh aye, ye shall not speak ill of the dead ! Wait until someone has the good sense to bury the Centrelink corpse !
    Old Geezer
    31st Jul 2018
    2:32pm
    Learn the rules and play the game and you wont get into such a paper nightmare.
    Rae
    31st Jul 2018
    4:25pm
    I think Centrelink workers have apparently all gone mad OG. It seems like it from people's experiences. Not that I'm surprised.

    Is theIPA running Centrelink now or is it a conspiracy to drive us all to agree Serco is needed haha?
    Anonymous
    31st Jul 2018
    4:41pm
    OG, Centrelink rules are byzantine and keep changing. Even the staff there cannot keep up.
    Rae
    1st Aug 2018
    8:07am
    Did the 212 pages answer the question floss or do you need a QC to interpret it ?
    johnp
    1st Aug 2018
    10:35am
    The Govt has pushed the common people into a Kafkaesque and Catch 22 situation in order to oppress, dominate and ensure their own mates profit.
    patti
    31st Jul 2018
    2:32pm
    There is another option, learn how to live successfully on a basic age pension, no super, no other income, you may not be able to have lots of overseas trips but you can make your own entertainment......especially if you live near nature. Try it
    Anonymous
    31st Jul 2018
    2:38pm
    yes Patti - the good things in life are free.

    Many on OAP also save and go on cruises and trips to Bali and Asia
    Old Geezer
    31st Jul 2018
    4:27pm
    Our cruise industry got to where it is today thanks to our generous pension system. Planes are also full of OAPs off to Bali and Asia too now.
    MD
    31st Jul 2018
    8:06pm
    A worthy comment patti thanks, you get my vote for what it's worth.
    Anonymous
    31st Jul 2018
    8:11pm
    **falls about laughing***
    Kathleen
    1st Aug 2018
    9:57pm
    Trebor, my reaction as well LOL
    Anonymous
    2nd Aug 2018
    2:50pm
    80% of people on aged pension (full or part) and yes cruise ships are certainly doing well out of the retireees. It is not fiction, it is fact.

    31st Jul 2018
    3:18pm
    Not content with scare tactics for Australian retirees, we now have this forum including stories on retirees world wide. Just to muddy the waters, the information doesn't outline where Australian retirees fit into the scheme of things, what various governments contribute in the way of age pensions or more detail on the superannuation schemes shown.
    Anonymous
    31st Jul 2018
    3:59pm
    The average age of retirement for men is 58 and women is 51 in Australia

    40% of Aussies over 45 and over are retired

    A great majority retire before being anywhere near pensioanble age, showing that the super scheme is certainly working very well
    Old Geezer
    31st Jul 2018
    4:25pm
    I agree so many people now retire early and have nothing left when they reach pension age and then put their hand out to the taxpayer to support them. Then they whinge it is not enough but no matter how much it is it will never be enough for most people.
    Anonymous
    31st Jul 2018
    4:40pm
    OG - way to do it. Did it myself but I do not whinge because I have enough for comfort.olbaid is right on as I did retire at 58 and spent the super. Have never had any Govt support till 65 and now I get what is due. Only putting in and not getting the OAP is plain stupidity.
    Old Geezer
    31st Jul 2018
    7:01pm
    I tried to do it myself but unfortunately it wasn't until I retired that began to build up my wealth. So on reaching pension age I thought why stop doing it as it's a lot easier than trying to deal with Centrelink.
    floss
    31st Jul 2018
    4:40pm
    O.G .it is C.Link staff or lack of same that is the problem not the public ,you being a know it all may know the rules but the average retiree does not and never will.This Fed Gov. has not the guts or the will to improve the system.
    Old Geezer
    31st Jul 2018
    7:06pm
    Not it is the average retiree that doesn't know the rules and they never will. People are just too lazy and think the taxpayer owes than a handout instead But whinge loudly when the themselves stuff it up with the paperwork.

    The system will never be improved not matter who is in charge of the taxpayers money. Labor will make it much worse again with all it's new rules and exemptions.
    Cheezil61
    31st Jul 2018
    5:59pm
    When are these scumbags gonna get the message? This keeps coming up here & we go over the same ground (one moment we are told we don't need as much as we think to retire,,next we're told we can't afford to retire, which is prob most accurate for most of us)
    There is much imbalance in this country & NO we do not want to work til we're 70 but with it being so damn hard to earn a living & pay bills (not able to SAVE money to bank etc & becoming increasingly harder) we are forced to work longer, (capable or not!) thru no choice!
    MD
    31st Jul 2018
    8:35pm
    "Imbalance" - as you would have it Cheezil61, is certainly not restricted to "this country". Regardless of various forms of governance, people in many countries experience varying degrees of the same and some folk do choose to work beyond retirement age.
    Although I agree (cost of living) is "becoming increasingly harder", nobody is "forced to work longer" and if much of their "choice" of 'gimme, gimme' consumption had been sensibly directed at an earlier stage in their working lives they may not now be finding the going quite so tough.
    Many people can - and do - live comfortably on an age pension and perhaps those that bleat long, loud and constantly about their situation being totally inadequate perhaps they only have themselves to blame, nevertheless, they'll lay their shortcomings directly on their elected representative's - and who do we blame for that lot eh ?
    bobm
    31st Jul 2018
    6:02pm
    I worked Part time after 65. Too much trouble with centrelink every two weeks reporting my wages. Even with submitting my salary slips with hours worked, I did some checking and found Centrelink had entered the wrong hours that I worked. They showed more hours worked even with submitting my pay slips. Took 4 people 3 hrs to fix the correct hours.
    In Western Australia workers compensation will, I believe pay out a max, if injured on the work site after the 65 as per 2009 of $150,000. If you are injured prior to retirement WC is paid as per legislation or courts.
    I retired at 66 and have had 8 good years of retirement and looking forward to many more.
    mike
    3rd Aug 2018
    6:17pm
    Hockey smashed the retirement plans of an estimated 534000, those who worked and saved for their retirement, he also called disabled rorters whilst RORTING the travel allowance of several multiples of $299 a night. He said retirees would still keep the Concession card, but this was a lie. Turnbull said all those retirees who lost their part pension due to Hockeys draconian changes would have the Concession Card replaced, but this was another lie. Those who had between $813000 and $1.25Mil on 1/1/2017 had it replaced. Many of those lived in 2 ,3,4 million dollar homes. But thousands who had less than $813000 and lost it a few days, weeks months later, possibly due to an increase in their super balance, did not. There was one documented case of a retired couple who had just a couple of dollars below the threshold, and lot their card just a couple of days later, DID NOT. Hundreds of letters have been written to various MPs, but all we get is lies, bullshit and x. Consider this response from Mr Gee ( Calare). Those who lost their PCC on 1/1/2011 had their PCC restored because those retirees who lost their part pension and their PCC would have suffered financial difficulties. So someone with $1.25m would suffer financial difficulty, but if you had less than $813000 and lost both your pension and PCC a few days later, then you didnt. No wonder retirees are sick of the Liberal party lies and turning to small parties like One nation.
    GrayComputing
    4th Aug 2018
    4:34pm
    A few years ago I was losing well over half of my super which was then with MLC.
    MLC were still charging me thousands of dollars each year whilst losing over $100,000 of my superannuation fund.
    My financial adviser closely tied with MLC did nothing.
    A lot of funds were locked in and could not be extracted till many years later at a huge loss.
    I consider that the whole private superannuation scheme started by Keating has been a massive loss to all working Australians not just me.
    Of course the money was not really lost but ended up making some other companies and share traders even richer
    I dare and challenge the committee to calculate and publically declare the total money loss to all the Australian superannuation contributors over the last 10 years.
    I strongly suggest superannuation be allowed to go into the Australian Future fund which has done so much better than any and all of that bunch of merchants pirates who lied and called themselves good superannuation companies on TV whilst I and other were losing billions.
    *Loloften*
    31st Aug 2018
    10:13pm
    Ripped off - sadly & simply. No adult (that I know) wants to retire early however many had to thru no fault of their own egs: many Firefighters/Cancer sufferers+++