Life Begins At » Super is super for the young and old – get ready for 1 July super tax changes
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Super is super for the young and old – get ready for 1 July super tax changes

superannuation

Ask young people in Sydney what they think about superannuation savings for retirement and by far the majority think super is super. They get it. The Association of Superannuation Funds of Australia (ASFA) recently spoke to young people in Sydney streets as well as Martin Place and Pitt Street Mall and discovered great regard for super by every young person we spoke to.

You can see young people give their honest opinions at Super is super for the young.

ASFA CEO Dr Martin Fahy said it was refreshing to find universal regard for super on the street.

“It shows you’ve only got to step outside to find favourable reviews and it’s clearly worth celebrating 25 years of compulsory super in Australia,” he said.

“Young people on the street get it; they instinctively know putting aside compulsory savings for retirement makes sense. It’s been one of the greatest policy initiatives to support the populace and it’s a universal human good.”

Super isn’t just super for the young though.

Dr Fahy said he predicted the same question put to every working age cohort would reflect this view.

“Super is still the best bet for saving for a comfortable retirement,” he said. “It is tax advantaged and can provide sound and diversified investments.

“The Australian super system is now worth $2.3 trillion, its global ranking is superior, sought after and envied.

“Stability in the system is key, as is the need for people to make sure they know what super they have and are consolidating funds if needed, have the right insurance and are happy with their investment settings.”

Dr Fahy is encouraging Australians to make sure they are ready for the 1 July super tax changes and to talk to their super funds if they haven’t already.

He also recommended useful links at www.ato.gov.au and www.superguru.com.au.

“If you are affected by the legislated changes from last year’s budget, please prepare for the changes to ensure you make the most of your super, whether in the accumulation or retirement phase.

“Whatever your circumstances, get across your super settings and get invested in making sure you are sorting out your super to your best benefit. This applies to everyone, even if the new rules don’t affect them.

“While the majority of Australians won’t be affected by the new rules, any time is a good time to check your super and see if you can make changes to increase your wealth. I particularly encourage low income earners and women to make the most of the new and existing super rules to help build future income.”

Since 1992, superannuation in Australia has been a carefully calibrated universal compulsion garnering universal regard.

“Our system is now considered one of the top three retirement systems in the world,” Dr Fahy said.

 

About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.