Dixon Advisory backs Costello’s super warning

Dixon-Advisory/superannuation/peter-costello/Nerida-Cole/super-contributions/aged-pension/super-guarantee/retirement-income/

10 April 2019
| By Oksana Patron |
image
image
expand image

Dixon Advisory has supported former treasurer, Peter Costello, who has warned that working Australians should be making their own additional superannuation contributions and that the reliance on compulsory employer contributions was not enough.

The firm’s head of advice, Nerida Cole, said that the changes that the superannuation and the Age Pension system had undergone recently continued to confuse people and there was need for more flexibility.

“Boosting your super as early as possible can make a huge difference to your financial position at retirement – but the reality is many people cannot afford to add extra to super until the later stage of their careers when the mortgage is out of the way – our system needs to reflect that reality,” she said.

According to her, the changes should also take into account persistently underperforming super funds coupled with 10 million unintended multiple accounts.

“Fortunately, there are plenty of very good super funds out there so there is no need for most of us to stay with a fund that is not doing well or working for your particular needs,” Cole added.

Also, women would retire with almost 50 per cent less in super than men on average, with single older women facing even greater risk of poverty in retirement.

“That’s an important point to acknowledge – a stable retirement is not just about your super balance. It’s also access to affordable and stable housing and access to mature age employment opportunities.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS