/ 'Retirement strategies'

10 Apr 2023
Treasury has released (31 March 2023) a consultation paper today “Better targeted superannuation concessions” on the proposed measure to reduce the superannuation tax concessions available to individuals whose total superannuation balances exceed $3 million. The proposed measure, if legislated, will apply from 1 July 2025.This consultation paper expands on the Government’s announcement of this measure on 28 February 2023, which included a fact sheet “Better Targeted Superannuation Concession”. You can view the Treasurer’s media release which includes the fact sheet here.
7 Jun 2022
"Whilst the retirement income covenant does not apply to SMSF trustees, it does provide an opportunity for advisers to showcase the value of their advice to the large group of superannuants. Financial advice offers something that the strategies offered by super funds will not…….personalisation."
21 Nov 2021
Treasury has confirmed that the proposed increase to the cut-off age from 67 to 75 for the bring forward rule for non-concession contributions will allow individuals approaching 75 years of age to bring forward non-concessional contributions from future years (i.e. during which they will be aged 75 years or over). This is contrary to the initial intent of the proposed change and provides an opportunity for those approaching 75 to boost their retirement savings.
1 Nov 2021
The 2021 Federal Budget included a proposed measure that from 1 July 2022, the work test would no longer be required to be met by individuals aged 67 to 74 for voluntary contributions like non-concessional contributions and salary sacrifice contributions.
1 Sep 2021
In July, the Government released a consultation paper on the long-awaited retirement income covenant. The aim of the new measure is to improve the retirement outcomes of Australian retirees by requiring the custodians of their savings, superannuation funds, to develop coherent retirement income strategies for their members. See our earlier blog for more details.
20 Jul 2021
The Government committed in the 2018-19 Budget to introducing a retirement income covenant for superannuation trustees and consulted on the covenant in June 2018. Treasury released a position paper on 19 July 2021 that reflects the feedback from that consultation process and presents the Government’s refined policy, with the aim of guiding trustees ahead of the covenant being legislated and taking effect from 1 July 2022.
19 Aug 2020
The Actuaries Institute Retirement Incomes Working Group has published a research note which looks at the importance of accurate calculations of life expectancies in retirement planning. Our very own Technical Services Manager, Melanie Dunn, assisted with this research and is passionate about helping retirees and advisers understand their longevity risk.
21 Oct 2019
SMSF couples need $2 million in savings at retirement to be confident of affording a $100,000 p.a. lifestyle in retirement. The good news is that 40% of 65-year-old SMSF couples have saved enough in their funds to meet this aspirational lifestyle.

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