ASFA: Super access will not resolve home affordability issues

A recent government draft proposal for homeowners to gain access to their Superannuation to purchase property has been under fire from various organizations, recently from the Association of Superannuation Funds of Australia (ASFA), citing that gaining early access to Super will not resolve home affordability issues.

ASFA suggested that the problem lies on land release, zoning and housing assistance funding issues and the decrease or removal of stamp duty. Gaining early access can jeopardize retirement, where even the existing 12% compulsory contribution is not enough for people to retire comfortably.

Read more about this on the Money Management website.

Gen X and Y missing on Superannuation: ASFA

Younger Australians are missing out on thousands in future retirement savings, according to the Association of Superannuation Funds of Australia. A recent research shows that almost 50% of Generation Y and around 40% of Generation X have yet to consolidate their superannuation accounts. The sad part is that one out of five of participants are unaware how to do so.

1 out of 5 participants are also unaware on how to process lost or unclaimed superannuation. 60% of the respondents have never heard of SuperSeeker, the Australian Tax Office online service.

Retirement may be a concern for the future, but educating the younger generation of the benefits and processes involved in superannuation will save one a lot of trouble and hassle. These issues should be addressed, before it’s too late.

Read more about this on the Money Management website.