James Coyle

James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Why is the Age Pension increasing?

Why is the Age Pension increasing?

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A couple of weeks ago we reported on the September 20 Age Pension increases.  This is one of two increases that occur each year with the next one scheduled for March 20 2025.  

We always receive tons of comments on the amount of the increase with the majority claiming it doesn’t meet the increased cost of living.  It doesn’t keep up with rent increases, or insurance costs, or interest rates for those with a mortgage etc are among the comments we typically hear.  So this week we decided to write an overview of how the increase is actually calculated.

Why super is great and how to make the most of yours

Why super is great and how to make the most of yours

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Super often gets bad press. That might be from media pundits who expect rolled gold returns year in and year out despite market ups and downs. Or it could come from account holders themselves who find the need to understand the extensive rules very challenging.

That’s understandable, but this is why it is useful to take a step back and consider the many aspects of the Australian superannuation system that make it the envy of most developed nations across the globe.

Compulsory super was introduced by the Keating Government in 1992 with initial employer contributions of 3%.  Whilst some in industry predicted that this ‘largesse’ would cause the sky to fall in, it didn’t. Compulsory contributions (now known as the Super Guarantee or SG) have reached 11.5% as of 1 July this year. Consequently, a majority of Australians have a significant nest egg as they head into retirement. Those aged between 65 and 69, hold median amounts of $213,986 for men and $201,233 for women.