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The Australian Prudential Regulation Authority (APRA) has released its 2023 September quarterly superannuation performance statistics report, which suggests that the superannuation industry is facing some challenges in the current economic environment but is still relatively well-positioned for the long term.
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In the 2022-2023 financial year, the ATO reclaimed $1.13 billion in Super Guarantee Charges, penalties for companies that fail to pay required super contributions on time.
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The average balanced super fund option fell by 1.6%, marking the third month in a row that super returns have declined.* However, it’s not all doom and gloom considering returns remain positive over 1 through 20 years.*
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Australians not seizing the opportunity to grow their super balances might miss out on the benefits of a financially comfortable retirement.
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Prospective retirees may be looking to hang up their hats as October showed online searches for retirement planning rose by 50%, according to Aware Super.
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When we think about retirement, confidence is key. Unfortunately, a recent survey by CoreData published 24 October found many Aussies aged 55 and over are uneasy about their retirement funds.
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Women over the age of 35 who are earning average salaries of $80,000 are the forgotten majority when it comes to superannuation, and tend to retire with $136,000 less than men according to Employment Hero.
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New research from AMP reveals some Aussies may be hitting a snag when it comes to dealing with the retirement system.
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For many Aussies, the intended age of retirement might not match up with their actual retirement age, recent data from the Australian Bureau of Statistics (ABS) shows.
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Aussies could be losing retirement money as some superannuation funds failed a recent performance test of choice super products.
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