Superconnuation

[Smurf1976]

Hi Bronte

As I see it there are two separate issues.

Firstly, how much money will be in my superannuation fund?

Secondly, what will my needs be in retirement?

Thirdly, what will the government decide to do with your superannuation?

I'm anything but keen on super and the reason is simply that as far as I'm concerned it's my business when I retire. No point having a lot of money in super because the government's already decided you won't be retiring before they want you to even if you've got $ millions in there.

What the laws will be in 10, 20 or 30 years time is anyone's guess. If we end up with a big enough skills shortage then don't be surprised to see your super locked up until 70 or even 75 in order to boost workforce numbers.

 

[Julia]

Thirdly, what will the government decide to do with your superannuation?

I'm anything but keen on super and the reason is simply that as far as I'm concerned it's my business when I retire.

Smurf, from your point of view that's entirely justified. But not everyone by a long way is as responsible as you are.
Without compulsory super contributions a large proportion of our population would just not think about providing for their retirement. As a result we'd have even more people on the age pension than we have now. With the ageing population taxes would have to rise to pay for this.

I'd support Paul Keating's suggestion of increasing the rate to 15%.