How do you manage your super?
Younger Australians are making their superannuation more of a “priority” than previous generations, Andrea Slattery of Self-Managed Super Fund Professionals’ Association of Australia, claims. With a turbulent financial market, a greater number of young people are starting to reportedly manage their retirement money.
Younger Australians are making their superannuation more of a “priority” than previous generations, Andrea Slattery of Self-Managed Super Fund Professionals’ Association of Australia, claims.
With a turbulent financial market, a greater number of young people are starting to
reportedly manage their retirement money, with the trend expected to continue, Sky
News reports.
Australian Taxation Office (ATO) statistics indicate 11% of people chose to start
managing their own upper fund under the age of 35 years in the June quarter of 2010.
Self-managed superannuation is reportedly the fastest-growing element in Australia’s
$1.3 trillion retirement fund industry.
The average account balance of people with self-managed super funds is about
$900,000, compared with $100,000 for most holders of non-profit accounts.
Australian’s aged 55 and over are reportedly understandably more inclined to
establish their own super fund as for them, retirement is approaching and the desire
to maximise their savings intensifies.
However, reports last year also show Australians between the ages of 35 and 60 are
at their ‘peak’ earning capacity, yet only a small percentage of those who have set
up their own super funds are under 50.
