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Home Page > Services Offered > Superannuation Solutions > Do You Need Superannuation?

Do You Need Superannuation?

Superannuation is one of the simplest and most tax-effective ways of saving for your retirement.

Consider the following:

  • We’re living longer…
    Life expectancy of a male born in 1994-96 was 75 while a female was 81 years. “Australia Now - A Statistical Profile - Population Deaths”, ABS, www.abs.gov.au, March 2000 That’s a lot of years in retirement for most people.
  • We’re an aging population…
    At 30 June 1998 there were 2.3 million people over the age of 65 in Australia. Whereas older people comprised 12 per cent of the population in 1998, they are projected to form almost one quarter (24 per cent) of the total population by 2051.* This means there will be fewer people in the workplace to fund social security aged pensions.
  • Many retirees do not have adequate savings to help fund their retirement…
    In 1996-97 government pensions and allowances were the principal source of income for 66 per cent of couples and 80 per cent of singles aged 65 years and over. The average weekly income of these groups was $455 for couples (or $23 660 per annum) and $248 for singles (or $12896 per annum).**

As a consequence, the government provides significant tax incentives to encourage all of us to use superannuation to save for our retirement.

Ensuring that you have adequate superannuation may be the difference between a comfortable retirement and one fraught with financial concerns.

* Older People, Australia, ABS, www.abs.gov.au, March 2000
** Australia Now , A Statistical Profile, Income and Welfare (Household Income), ABS, www.abs.gov.au, March 2000

  

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Charter Financial Planning Limited ABN 35 002 976 294 AFS License No. 234665
Registered Office: AXA Australia Centre, 750 Collins Street, Melbourne, Vic 3008
As at 30th March 2011, AXA Asia Pacific Holdings Limited and all of its Australian and
New Zealand subsidiaries ceased to be members of the Global AXA Group and became members of the AMP Group.