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Australians warned that $1 million superannuation may be insufficient

For some time now, superannuation experts have been warning Australians not to be distracted by the seemingly large size of their retirement nest eggs. While the total balance of many super accounts may sound impressive, it can distract from the reality of the income stream it is likely to deliver.

Between longer life expectancies, inflation, and low interest rates, retirement savings are not always delivering the expected retirement income. Obviously, a range individual circumstances will dictate how much an individual will need to cover their expenses in retirement. In particular, single retirees will tend to have significantly higher living expenses than those who are co-habitating.

Furthermore, the trajectory of interest rates is a determining factor in how a nest egg  will perform in pension phase. And, as we all know, accurately predicting the future of interest rates is an impossible undertaking.

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Employer SuperStream checklist

December 7, 2018

Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO’s electronic and standardised solution that streamlines the super payment process.

Using SuperStream for employers means:

Obligations
You must make contributions to a super fund through a SuperStream solution unless you are eligible for the following exemptions:

Step-by-step guide
Once you have decided that SuperStream is right for you, the following steps will help you stay compliant: