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Get in to win – super money prizes. ASFA calls for lift in SG to lift retirement living

Media Release 21 August 2017

21 August 2017

Get in to win – super money prizes

ASFA calls for lift in SG to lift retirement living

The Association of Superannuation Funds of Australia (ASFA) today reminded the public to enter the 2017 Super Booster Day competition for a chance win one of five, $1,000 prizes for their super funds.

All you have to do is pledge some extra money for your super before 15 September 2017 and describe your dream retirement in 25 words or less.

ASFA runs the Super Booster Day campaign annually with Bauer Media and Money magazine and the program is supported this year by ASFA’s Super Guru, as well as Cbus super fund, ING Direct, QSuper, Sunsuper and UniSuper.

Dr Fahy and Money magazine’s Effie Zahos urged every Australian to get smart with their super.

“The more you get to understand the beauty and simplicity of super as a savings tool, with its tax and compound interest benefits, the more you will realise the dream of living longer and healthier through your super investments,” they said.

Ms Zahos and Dr Fahy said ASFA and Money magazine’s efforts to raise super awareness were being supported by funds across the country.

“Super funds are reaching out to engage members in their retirement planning, so talk to your fund and get invested in your super. The industry is comprised of roughly a third industry, a third retail and a third self-managed funds. Whatever your super investment, the key to success is taking control.

“The super industry knows its worth and is committed to delivering great outcomes for Aussie retirees,” Dr Fahy said.

“People need to talk to their super fund and find out what insurance cover they have and where their money is being invested.

“Even young people should be planning ahead and talking to their fund about how to achieve the life they want as they age. Retirement planning is smart for all ages.

“Once you get started you will find it fun to make your money work in your best interest by communicating effectively with your super fund.

“Super sleuthing is a key and valuable financial literacy skill set.”

Now the super system is maturing and more and more Australians are enjoying increased super balances, people can attest to the true benefits of decent super.

“We expect more Australians and young Australians will push for an increase in the Super Guarantee payment so their futures are better funded,” Dr Fahy said. “People know they need good super balances to have a dignified retirement.”

SG payments have considerably enhanced the retirement reality for an increasing number of people, with a 40 per cent increase in the real level of average income at retirement since 1992.

Based on revised laws, the Superannuation Guarantee (SG) rate will remain at 9.5 per cent for another five years, increasing to 10 per cent from July 2021, then 12 per cent from July 2025.

ASFA and the industry remain committed to lifting the SG as soon as possible and preferably consistent with the original timetable for increases.

“Every day the SG stagnates, people’s wealth is reduced,” Dr Fahy said.

For example:

40 year old, current super balance of $80,000, salary of $70,000 a year.

With current SG scheduled increases, balance of $456,000 at retirement.

Increases to $475,000 if SG went immediately to 12 per cent.

30 year old, current super balance of $40,000, salary of $60,000 a year.

With current SG scheduled increases, balance of $515,000 at retirement.

Increases to $537,000 if SG went immediately to 12 per cent.

Dr Fahy is available for interview.

For further information, please contact:
Teresa Mullan, Media Manager, 0451 949 300.

About ASFA
ASFA is the peak policy, research and advocacy body for Australia’s superannuation industry. It is a not-for-profit, sector-neutral and non-party political, national organisation. ASFA’s mission is to continuously improve the superannuation system so people can live in retirement with increasing prosperity.

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