POWERED BY MOMENTUM MEDIA
How much money is needed for retirement?
Following consultation with the financial community, Super Consumers Australia (SCA) has developed new retirement savings targets for households.
SCA’s consultation engaged consumers, academics, regulators, industry experts and superannuation funds across 30 organisations.
SCA director, Xavier O’Halloran, said: “Among the most important financial questions retirement-planning Australians face is how much they need to save and what income those savings will deliver in retirement. These new retirement targets are designed to help people answer these questions. They provide a solid ‘rule of thumb’ for what is needed to maintain your living standards when you’re retired
“These savings targets are based on what people spend in retirement with a buffer built in to provide confidence that people’s savings can weather the type of market volatility we’re currently experiencing. Having credible targets, based on actual spending, means people can confidently spend and get on with enjoying their retirement.
“These targets come at a time when the superannuation industry is grappling with the needs of consumers who are approaching retirement. As part of the Retirement Income Covenant, we would expect funds to be using these targets to help members make sense of their retirement income needs.”
The targets, supported by the philanthropic group Ecstra Foundataion, were provided below:
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
