• Superannuation shake-up could leave Australians $500,000 richer in retirement
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Some Australians could be more than $500,000 richer in retirement under the biggest-ever proposed shake-up of the compulsory superannuation system. A Productivity Commission report has found the current system is "harming millions of members" with underperforming funds, multiple accounts and excessive fees. Super funds that underachieve over the long term would be booted from the industry under the Commonwealth agency's proposal. New workers would also be steered towards the industry's top performers, with an independent panel creating a 'best in show' shortlist of 10 funds to choose from. "I think there is merit to this idea that we can ensure that the better performing funds are taken up by more members," Treasurer Josh Frydenberg said. "Because what the report did find is that right now it is a lottery for members as to the quality of the funds." https://mobile.abc.net.au/news/2019-01-10/superannuation-shake-up-australians-richer-in-retirement/10704702 TL;DR the proposals include: booting out underperforming super funds from the industry, young Australians presented with a selection of high performing super funds when they enter the workforce, as opposed to being provided with a single recommendation by their employer, instating processes which prevent Australians from accidentally having multiple super accounts (and therefore paying multiple sets of fees), and opt-in, rather than opt-out, life and income protection insurance for Australians under 25 years old
opt-in, rather than opt-out, life and income protection insurance for Australians under 25 years old Im still surprised it wasn't like this to begin with, I don't even know how much money I lost from that shit while I was still at uni not knowing it was being taken out.
Wait, they take life insurance money out of your super?
You can opt-out if you want, and it only takes 5 minutes to do at any time. In my account it only works out to be around $2 per week.
It also depends on what you set your benefit as, and the industry you work in. If you're a blue collar worker it can be a lot higher. Luckily I'm an office worker so income protection is quite low.
I went to my super's web page, Hostplus, and could not find anything on this. Now I'm worried my super is disappearing. I'm not even putting anything into it at the moment as I'm in the UK for a bit.
How much is that in real dollars? About 3.50?
See if there’s a help page somewhere. Also see if you have fully set up your online access. I’m with Rest Super and on my member’s access page, there’s an entire tab dedicated to just insurance, which tells me how much I pay per week and gives me options to adjust or cancel coverage. Eg: https://files.facepunch.com/forum/upload/226043/62e2449a-971d-4e9d-a097-a4f0d2918dc3/E4ACE7E3-252D-42E7-AC4E-5460E5161F9B.png
I found it, I've payed $5 in insurance since I started it, but lost $400 in investments... what the shit.
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