Club Plus sees rise in “super millionaires”

8 January 2015
| By Malavika Santhebennur |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

3 hours ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

21 hours 26 minutes ago

In this latest edition, Anna Shelley, CIO at AMP, shares the fund’s approach to current market conditions and where it continues to uncover key opportunities....

22 hours 31 minutes ago