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Articles by Phil Stockwell
Do you know where your super is really invested?
If I told you that you had a forgotten investment portfolio worth hundreds of thousands of dollars, wouldn't you be the least bit curious as to what you owned? Depending how far into your career you are - and how well you chose your fund - you could easily have that kind of money tucked away in superannuation. Yet, many Australians wouldn't have the faintest idea of what their money is actually being spent on.
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.
Friends With Money #20: Paul Clitheroe on celebrating 250 issues of Money
The property market has boomed, interest rates have fallen, and more Aussies have started investing in shares since Money magazine first hit newsstands more than 20 years ago. To mark the 250th issue of Money, out now, we sat down with someone who was there at the very beginning. Founder and editorial advisor Paul Clitheroe says that the core mission of the magazine hasn't changed. "The fundamental premise is decent common-sense advice, avoid scams, and make better decisions...
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.
Retirement system should be fairer and simpler
The federal government has released its Retirement Income Covenant position paper, which aims to codify the obligations of super fund trustees to improve retirement outcomes. In response, the Actuaries Institute has issued a major public policy review calling for the retirement system to be fairer, simpler and more efficient. It says "carrots and sticks" should be used to encourage efficient use of lifetime savings and the role of guidance and advice should be enhanced.
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.
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.
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