Mon, 18th Mar 2024

This episode of Financial Services Online's Weekly Superannuation News Wrap presents a review of the latest superannuation news in Australia. A key concern from the SMSF Association revolves around the potential taxation of unrealized capital gains on substantial superannuations, which may affect businesses and farmers liquidity. Against a backdrop of high inflation and living costs, ASFA recommends an increased retirement income for comfortable lifestyle, at $72,148 for couples or $51,278 for singles, considering home ownership and good health. Additionally, a record 970,700 Australians are handling complexities of multiple jobs and an 11% superannuation contribution. The podcast also recognizes a decade of MySuper and lower fund fees; however, older members may see reduced returns. Lastly, a higher cost of living for Australian retirees is noted, with insurance costs recording a notable increase.