Trustees are supposed to act in fund members’ best interests but, according to the 10 days of Hayne royal commission hearings into the $2.6 trillion superannuation sector, time and again trustees of retail super funds behaved negligently.
Susan has been a finance journalist for 30 years. She wrote for the Australian Financial Review and the Sydney Morning Herald, edited ASFA's Superfunds magazine and wrote the best-selling Women and Money.
When it comes to tax, surgeons have the highest deductions with an average claim of $21,184, or more than double the next occupation, real estate agents at $8616. How come they can claim so much?
Many baby boomers who downsize into apartments are struggling to cope with noisy neighbours and dictatorial owners corporations running their own agendas, not to mention surprise special levies.
When couples buy a property or have kids, traditionally they merge their incomes and set up a joint bank account. But this is changing as an increasing number opt for separate accounts even if they have children.
Hands up who has borrowed money from their kids? You’re not alone. Some 38% of Aussie parents have borrowed money from their child’s piggy bank or bank account for urgent expenses.
Almost five million Aussies are in a dud super fund, unaware that it could cost them up to $337,000 at retirement. But it’s not too late to switch funds.
The end of compulsory insurance through super for young Australians means premiums for older members are about to skyrocket.
At just 19, Kate Campbell plans to save $1 million over the next 20 years and retire on $40,000 a year, all thanks to the early retirement movement.
Winter school holidays are just around the corner and if you haven’t booked a trip, the good news is that there are plenty of local activities to keep your kids busy – and away from technology – without breaking the bank.
Self-managed superannuation funds (SMSFs) are moving away from buying blue-chip shares, high-yielding shares, cash management accounts and term deposits. So what asset classes are they buying?