That means a 25-year-old IT technician earning $100,000 a year with just $35,000 in super now would reach the $3million threshold by age 65 - two years before this individual could qualify for the aged pension. The Financial Services Council - which represents retail superannuation funds run by big corporations - said workers now in their 20s were likely to have $3million in super in four decades' time as inflation and wages growth compounded retirement savings levels. 'If the government does not index the proposed $3million superannuation balance cap, 500,000 Australian taxpayers will breach the cap in their life and face a 30 per cent earnings tax, including 204,000 Australians under the age of 30,' he said. The Financial Services Council has released new modelling showing the $3million retirement saving cap will catch out six times more people than Labor is saying, with young workers set to be included in coming decades (pictured is a woman in Sydney's city centre)īut Blake Briggs, the chief executive of the Financial Services Council, said Labor's refusal to index the $3million cap for inflation would mean 500,000 Australians now in the workforce would be affected in coming decades.
0 kommentar(er)
