POWERED BY MOMENTUM MEDIA
Club Plus sees rise in “super millionaires”
There is a rise of millionaires among fund members at Club Plus Super, who reached the status through their super savings, according to the industry fund.
Chief executive Paul Cahill pointed to three strategies people employed to get there.
He said these members contributed extra funds to their super, which helped them get the most out of tax advantages, they were more engaged with the fund and checked their investment and contributions plan regularly and they sought financial advice.
According to the Australian Bureau of Statistics, there were 60,000 males and 30,000 females who had more than $1 million in super in 2009.
Cahill said members have to select the appropriate products to make their incomes last for the duration of their lives.
"Too many people use their superannuation too quickly without taking into account some of the unforseen and added costs that could arise during retirement, which may compromise the quality of lifestyle you want to enjoy throughout retirement."
Members must choose funds with quality advice facilities and support during accumulative years and retirement, he said.
Recommended for you
In its pre-election policy document, the FSC highlighted 15 priority reforms, with superannuation featuring prominently, urging both major parties to avoid changing super taxes without a comprehensive tax review.
The Grattan Institute has labelled the Australian super system as “too complicated” and has proposed a three-pronged reform strategy to simplify superannuation in retirement.
Super funds delivered a strong 2024 result, with the median growth fund returning 11.4 per cent, driven by strong international sharemarket performance, new data has shown.
Australian Ethical has seen FUM growth of 27 per cent in the financial year to date.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
