After a quiet October, November brought welcome gains for superannuation members, with strong international share performance leading the way. SuperRatings estimates that the median balanced option delivered a 2.4% return for the month, helping to solidify what has been a better-than-expected year.
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Australia’s superannuation system continues its upward trajectory, with returns for the year up 13% and total assets also growing at impressive rates. As at September 2024 total assets have reached $4.1 trillion, of which $2.8 trillion are held within funds regulated by the Australian Prudential Regulation Authority (APRA).
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As the superannuation industry has focused on helping us watch our balances (hopefully) grow into enough to retire on, the government has realised it’s been overlooking the people the system is ultimately for: those who are already retired and need help navigating retirement and managing their hard-earned savings.
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A new report from Australian Seniors, titled Inheritance & Retirement Report 2024 , reveals that nearly a third of Aussies over 50 have decided to postpone their retirement due to the rising cost of living, facing the compounding pressures of funding their own retirement while also having enough left over to leave to their kids.This balancing act has led to some interesting developments in the way families are distributing inheritances. The report found that a whopping 69% of older Austrlaians have already given or plan to give their inheritance to their children or grandchildren before they themselves pass away.
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A new survey from Mozo highlights a concerning trend: a staggering number of Australians are willing to dip into their superannuation early, and without even knowing how much is in there in the first place. Talk about long-term consequences for their retirement!
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ASIC’s Moneysmart recently convened a roundtable to work out why younger generations are feeling in the dark about their superannuation. Hint: funds just aren’t speaking the same language. And their comms skills? Mid at best.
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The ART High Growth option from Australian Retirement Trust (ART) is the highest-performing investment option over the last 10 years to 31 May 2024, according to the SuperRatings SR50 Growth Index .
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Did you know that from 1 July 2024, the superannuation guarantee rate increased from 11% to 11.50%?
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The AFR recently ran an article titled, "'It’s my money' attitude leading to illegal super withdrawals," followed by the subtitle, "Early release of super is only supposed to be allowed as a last resort. So why are so many people being approved to use it for dental work?"
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In its recent report on harmful advice charges, the Australian Securities and Investments Commission (ASIC) recently revealed that a staggering $990 million in advice fees were charged across 476,000 superannuation accounts.*
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