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Super Objective Amendment

Posted Tuesday, 24 January 2017

Discussion continues about what the objective for Superannuation should be. Like other commentators I believe the Government proposal is pretty meaningless.

Here is Financial Demographics' proposed amendment which has been submitted to Treasury. People should be able to retire at age 60 and have an annuity income saved through superannuation which equals the cut-off income on the Age Pension means test (currently $49,655pa). Currently using long term Government bond yields and implied future inflation, this requires savings at age 60 of $1,362,528

http://www.findem.com.au/resources/bgsuperobjective.pdf

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