The future of super is more super

piggy bank vomiting money

Industry Super Australia is fighting hard to ensure the super guarantee lifts to 12 per cent by 2025.

It's doing so with a new campaign highlighting how much more Australians will have in their retirement nest eggs when the super rate increases. 

“With the super rate set to increase, Australians need to know that their future is more super,” said Industry Super Australia chief  Bernie Dean.

“Increasing awareness about the promised increase to the super rate will give more Australians confidence about retirement and help them get the maximum value out of every extra dollar.” 

A 30-year-old worker earning an average wage would stand to gain more than $85,000 in extra super by the time they retire, says ISA. 

Independent research shows awareness of the current super rate and the fact that it is scheduled to increase is very low, meaning a majority of workers are not aware their super is about to get a big boost. 

Research shows just 32 per cent of people are aware of the current super rate of 9.5 per cent, while only 11 per cent are aware it is legislated to increase to 12 per cent by 2025. Less than 10 per cent can correctly identify both the current rate, or the scheduled  increase.

Many Australians are worried about how they will make ends meet in retirement, so increasing awareness of the boost to super coming their way is critical for retirement planning.

It is hoped that increasing the super rate to 12 per cent will help ease pressure on the Age Pension. 

 

“For those Australians worrying about their future – stop. Soon you’ll see more money going into your super account and you won’t have to do a thing,” said Mr Dean.

4 comments

Another load of crap put out by the Super Industry to serve their self interests . Puting more into Super means more money in fees for them and the Government with their 15% tax on profits . What do they give you in return ? Nothing , no guarantees that you cannot lose the lot if markets crash , no refunds of fees payed or tax taken . They are the only ones guaranteed to make money . The Funds should have to guarantee a pension on retirement at least equal to Gov . Pension . Atleast the UK pension scheme guarantees you a pension for your contributions , this was started here in Australia but got hijacked by the Financial Institutes with help from their pet polititions to let them rob the nest . The Super Industry in this country is the Biggest Con Job done on the Working Man .

tough for small businesses

 

tough for the employee. Business will view this as a 2.5% pay increase, which is going into employee super account rather than their employees pocket. But then it's only .5% per year, will we notice. Those that support it shouldn't complain about the impact on their take home pay.

tough for small businesses

 

Well, thinking logically, more money in Super means less money in the ecomomy. Less money in the economy means higher taxes. With all that money stored in super I can see a time when you will be targeted if you have ANY money. Only those with nothing will get govt pensions or allowances. If you have savings they're gonna want you to spend it all before handing over any pension. So yes, hard on buisness and on the employee.

People are waking up to the futility of saving. May as well spend up and live well. Keep buying better homes in nicer areas and living well. If you save and invest instead you are punished financially while the spenders get the support and benefits.

Many who saved for decades are now denied any help at all in retirement. They'd have been better off building up wealth in the home and not investing in income producing assets.

In total agreement Rae

If I have the choice, and many don't.  I prefer to look after myself, if I don't qualify for government assistance, I see this as a good thing.  But alternativley, the government shouldn't be allowed to steal from me to prop up its fake Budget Surplus.

I worked and saved and invested for the benefit of myself and my family, not to contribute to the election campaign funds of corrupt governments.

4 comments



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