How much super is enough?
Superannuation industry veteran Jeremy Cooper this week announced his belief that a $1 million superannuation nest egg will not provide sufficient income to retire comfortably.
His assertions stem from recent interest rate figures and estimations that the average life expectancies will increase to 96 years for women and 95 for men. An average increase of three years on previous estimations, these figures reduce the annual income from a $1 million Superannuation fund to just $33,717.
Equivalent to approximately $1297 income per fortnight, Cooper states that the income is not only similar to that of a government pension, it will not guarantee a comfortable retirement.
With debate over tax concessions, low interest rates and a volatile stock market, attention to superannuation accounts have presented conflicting information in the media. Elodus Financial Services superannuation experts wade through this overflow of information to provide clear, accurate and detailed advice, ensuring that your needs will be met when it comes time to retire.