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r/AusSuperannuation

▲ 12 r/AusSuperannuation+1 crossposts

Pauline Hanson's super cash out plan could cost taxpayers $4.5bn a year, super funds body warns

Pauline Hanson wants to let workers cash out part of their super as a pay rise, but modelling by the Super Members Council says higher age pension costs could reach almost $4.5 billion a year.

Key facts

  1. $4.5 billion · peak annual cost to taxpayers
  2. $3,700 · extra lifetime tax per 20-year-old
  3. $25,000 · worker's retirement loss in today's dollars

Where people land

Pauline Hanson: That's a real boost to help you pay the rent or the mortgage, leaving more room for groceries, power bills and the costs of raising a family.
Treasurer Jim Chalmers: This will end superannuation as we know it and make millions of Australians poorer as a consequence.

Why it matters: A full-time worker on about $90,500 would get around $44 a week more now, and the Super Members Council says the higher age pension bill would fall on taxpayers later.

Read less, know more.

news.com.au
u/insnipdaily — 6 days ago
▲ 127 r/AusSuperannuation+1 crossposts

The 4% rule doesn't make much sense in Australia

The 4% rule of thumb says if you have 25 times your living expenses saved you have over a 90% success rate of not running out of money over a 30 year retirement.

I've been able to get to a 89% success rate with a 1m portfolio in super at age 60, using a 8% withdrawal (80K) for the first 10 years (adjusted for inflation), then 5% withdrawal (50K) from age 70 with the partial age pension kicking in from 67.

This is assuming:

  • Inflation of 2.5% with a standard deviation of 1.5%
  • Interest rates of 5% with σ 2%
  • Super is in balanced at 6.5% growth with σ 7%
  • Using the Asset Test (Homeowner) for the age pension
  • Spare cash is added to the interest account
  • Minimum drawdowns from super
  • Lump sum withdrawals from super to fund the expenses early on

It's been quite fascinating to explore.

u/Key-Selection8646 — 9 days ago
▲ 0 r/AusSuperannuation+1 crossposts

Voluntary Super contributions

Can anyone explain how the voluntary super thing works? I am in my early 30s, been working since my 20s. Numbers have always confused me so I don't really understand the whole super thing except you use it when you retire if your super hasn't screwed you over. Do I get tax breaks if I put money into my super? Max amount I can put in over the financial year? How easy is it to withdraw it if I want to buy a home...

reddit.com
u/Suspicious-Ad-8707 — 7 days ago
▲ 56 r/AusSuperannuation

Male 41 - Super Advice

Hi All, Would love to hear everyone's opinion here. Currently with Cbus Super. Male 41. Salary sacrifice at 15% max. 100% high growth. Using cbus life insurance 2mil for death & injury plus income protection costly is around 1k per month. Been looking to move to hostplus or unisuper or should i stay. Any advice would be great and appreciated. Thanks All

Cbus

2026 - $312,221

2025 - $263,625

2024 - $215,635

2023 - $175,151

u/flaming-young419 — 9 days ago
▲ 7 r/AusSuperannuation

Male 36yo Super Advice (fees)

Hi everyone, I’ve never really looked into super much, aside from knowing that you can change your investment strategy, a few years ago I changed to high growth, im with Hostplus.

I downloaded the app today and I can see that there is 10k outgoing, which has meant I’ve only banked 5k of the 15k in investment return this year. Is there somewhere I can check what is making up the 10k it outgoings, and does it seem about right to you? In terms of the amount

I tried to check if there were random insurances but I’ve not opted in to anything; I’m married with 3 young children too so I’m thinking may may need to opt in to some insurances although the outgoings then basically may outweigh the investment returns

Edit: thanks everyone, looked at transaction history - it was $4600 withdrawn in November 25, I recall doing this to pay the div 290 tax. Sounds like this is going to be unavoidable every year :(

u/Key_Corgi_1906 — 9 days ago