Super is a hot topic right now, with everyone seemingly having an opinion on what is the ideal amount to live on in retirement – and how to encourage this in an equitable way.
While most of us are unable to influence the financial policy makers, our best tactic is to ensure we are using all the rules and concessions to our own best advantage.
You may recall last December we predicted that Age Pensioners would receive an increase of $27 for singles and $20 (each) for couples. Rising inflation means that we were a little modest in those predictions, which means that those on the full or part Age Pension now stand to gain more. Including supplements, singles on a full Age Pension will receive an additional $37.50 per fortnight and couples an additional $28.20 per fortnight each.
Last week, after much heated debate, the Albanese Government announced a change to the way super will be taxed. Even more heated debate followed. And most of it seemed to be focussed on ‘whose super is it’ and ‘is the government coming after your money?’ debates.