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Articles by Moya Yip
Five things you need to know about your super
For many Australians, superannuation is the single largest asset they have, and yet it's also the first to be forgotten about entirely. After all, why would you bother fussing with money you can't touch and that you won't be able to for years to come? While this is the reason so many people aren't engaged with the superannuation system, it is also its greatest strength.
Aussies in the dark over big super changes that came in this week
The majority of Australians are unaware of the effects of the Your Future, Your Super (YFYS) reforms and could potentially be stapled to an underperforming fund for good. The YFYS stapling requirement came into effect this week and will see around one million members tied to a superannuation fund that has failed APRA's performance test.
Should I use my job's default super fund?
The superannuation system is worth a hefty $3.3 trillion. Each quarter, a further $30 billion is added to the pool. Yet despite the tsunami of cash flowing into super, 14 million Aussies have left it to their employer to select their fund. In many cases, these "default" funds are MySuper products - simple, low-fee funds that provide the basics in insurance and invest members' money in either a single diversified or lifecycle option. Strict rules surround how your boss can select a default fund.
$100 swim voucher for NSW kids: What you've missed
One in four Aussies robbed of super, and NSW expands swim voucher program for children. Here are five things you might've missed this week. A quarter of Aussies short-changed on super A new Industry Super Australia (ISA) report has found that almost three million Aussies lose an average of $1700 every year in superannuation they've earned. Almost 1.7 million men and 1.3 million women have been underpaid super.
Friends With Money #19: What does stapling mean when it comes to your super?
So you now have the option of stapling when it comes to your super fund, but what does it actually mean? Superannuation has undergone a raft of changes this year in a move to make the industry more transparent and accountable to members. These reforms, known as Your Future, Your Super, include 'stapling' which will see people taking their main super fund from employer to employer when they change jobs.
Colonial First State fined $20m for misleading super members
Colonial First State hit with $20 million fine for misleading customers, and a senate inquiry backs the crypto industry. Here are five things you might've missed this week. Telemarketer hit with $100,000 fine for unlawful calls Information Support Australia Pty Ltd (trading as Super Information Team) has been slapped with a $102,120 fine by the Australian Communications and Media Authority (ACMA) for making 880 calls to phone numbers on the do not call register in October 2020.
The super funds that have slashed their fees
About 60% of all MySuper products reduced their fees last financial year, with the average fees paid by members now sitting at 1%, according to new analysis from Rainmaker Information, publisher of Money magazine. The 13.5 million Australians with a MySuper account currently pay less than $30 billion a year in fees after a year of reductions across not-for-profit and retail super funds.
Friends With Money #18: Why gold is as valuable as ever for your portfolio
The threat of rising inflation, faltering Chinese property markets, and doubts about any economic recovery in a COVID-19 world mean that interest in gold as a safe-haven for Aussie investors is gleaming once again. Gold can be held directly or more conveniently through shares in mining companies, managed funds or themed ETFs. But why does gold remain useful in a diversified portfolio? And is cryptocurrency used as a defensive asset taking some of the shine off gold's reputation?
More than half of employers are clueless about super changes
More than half of employers are clueless on what the Your Future, Your Super reforms - including stapling - mean and how to comply, according to new research. The study, commissioned by consumer experience consultancy CSBA and Fund Executives Association Limited (FEAL) in partnership with Melbourne Business School, surveyed 8355 individual fund members and 1155 employers.
Ask Paul: The cost of living in Australia is ridiculous, can we retire overseas?
Dear Paul, We are in our mid-40s, both working full time and preparing for early retirement overseas. I have $419,000 in super and Max has $297,000. We want to travel while we can and have a quality of life that is more than just working and paying bills. The cost of living is becoming ridiculous in Australia. We can sell our home and walk with about $550,000 cash. In 15 years our combined superannuation should be $1 million-plus.
How to read your super statement
If the pandemic has left you flat and badly in need of a sugar hit, open your annual super statement. If you are in a balanced or MySuper default fund, where most people's money is invested, you will have scored big time. Funds achieved returns of 20% in the year to June 30, the best result in 15 years. Hopefully, the endorphin rush will prompt you to take your statement more seriously and read it carefully from cover to cover. For whatever reason, many of us neglect to do this.
Ask Paul: My son has a disability and may not work, should I top up his super?
My 20-year-old son has just been diagnosed with a disability and may not work in the future. Should we put $20 or more a week into his super fund for his retirement age? He's currently with REST. - Chelle That is really upsetting news, Chelle. My very best wishes to your son for his future. Where he is a lucky young man is the obvious support and love he has from you and your family. Yes, you can add to his super and that would be of practical support in the years to come.
Ask Paul: I'm tired of managing my SMSF, what should I do with my money?
Hi Paul, what should I do with my self-managed super fund? After many years running the fund I now wish to take a less active interest and enjoy my retirement rather than dealing with the fund. Should I: a. Drop my funds into a managed fund with low fees, set the allocation split and forget? b. Move into a low-cost indexed fund? c. Rollover into a large low-cost super fund and shut down my personal fund? Or are there other options available to me?
How to invest ethically through your super fund
Australians are voting with their feet, looking for investments that are kind to people and the planet. If that's on your wish list, it's possible to have a strong voice in what your super funds. More of us are realising that our money matters when it comes to supporting a cause. Research by the Responsible Investment Association Australasia (RIAA) found 86% of Australians expect their savings and super to be invested responsibly and ethically.
My boss isn't paying my super, how can I dob them in?
Never assume that your employer is paying your superannuation correctly or on time or even at all. Always check your super fund that payments have been made. It is best to treat your superannuation fund the same way as you would your bank account and regularly look at the payments. Look at how much is in your super fund.
How to choose the right super fund for you
You want to be a member of a superannuation fund that will make you as wealthy as possible by the time you retire without exposing you to too much unnecessary risk along the way. To do this, your superannuation fund has to earn consistently reasonable rates of investment return, year in and year out. To give the fund a better chance of building your retirement savings, it helps if it is charging reasonable fees. The higher the fees, the less money you have in your pocket.
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