Business

Comfortable retirement a luxury for many

NEW research shows almost half the population retiring in the years through to 2055 will not have enough income to achieve a comfortable retirement, unless current policies are overhauled.

Modelling by actuaries Rice Warner for Industry Super Australia's submission to the Tax Review paints a stark picture.

On average, 63% of single women will fall below the comfortable retirement standard, as will 50% of single men and 45% of couples.

This takes into account their super, the pension and other savings combined, in a fully mature super system.

"One of the main causes is poorly targeted tax breaks on superannuation, which are now wildly out of balance between high income earners and those on medium to lower wages," said David Whiteley, CEO of Industry Super Australia.

"Our analysis of retirement incomes shows current tax breaks flowing to the top 1% of Australian income earners will more than double their retirement income. Perversely, the lowest paid Australians, who receive no tax break, suffer a 14% reduction in their superannuation income.

"As a result, the income of the top 1% of couples retiring in 2055 will be almost 10 times higher than couples at the lowest end of the income scale. This gap is clearly inequitable and unsustainable," Mr Whiteley said.

Meanwhile, tax breaks for middle income earners will increase their retirement income by just a third.

With tax concessions flowing disproportionately to high earning males, the imbalance is already impacting deeply on women who make up the vast number of median to low paid workers.

"We know that 63% of single women will not have enough to retire comfortably under existing policies. However this rises to an alarming 80% when the proposed tightening of the pension asset test is added to the equation," Mr Whiteley said.

Topics:  retirement superannuation



BRING ON 2017: Jacaranda's path to a bright future

Newly elected committee Jeff Smith, Helen Templeton, Peg James, Leanne Smith, Kristen Smith, Wendy Gibbs and Kelle Murphy get excited for the official start of the Jacaranda Festival with the 2017 AGM on Tuesday night.

Changes to Grafton's flagship festival receive tick of approval

11 most horrific robberies in past 4 years

Latest incident reminder of how common armed robberies have become

Amanda's Camellia Cottage work gets reward

WHAT A WOMAN: Clarence electorate woman of the year Amanda Stacey surrounded by her family and many of her volunteers/supporters, including Member for Clarence Chris Gulaptis.

Community worker named Clarence electorate Woman of the year

Local Partners

Amanda's Camellia Cottage work gets reward

Often working under the radar, Amanda's support work has earned her Clarence Woman of the year nod.


Women's AFL is flying high. Here's your chance to play

Georgia Breward and Lillian Doyle - selected in the Queensland u17 AFL squad.Photo Adam Hourigan / The Daily Examiner

Are you a girl aged 13 to 17 interested in trying AFL?

Would you like to meet the Clarence Valley's politicians?

Member for the Clarence Chris Gulaptis and Member for Page Kevin Hogan

Lawrence Golf Club to host Politicians Report Dinner

Are you brave enough to Shave For A Cure?

Sarah Dougherty and Virlissa Adams, right, will lose their locks on March 16 to raise money for the Leukaemia Foundation.

Grafton disability organisation calling for participants

Holly Valance caught up in $213m lawsuit

FORMER Neighbours star Holly Valance has been named in a lawsuit involving sordid claims against her billionaire husband and his brother.

Lifesaver for a day: One-of-a-kind Coast tour

The Mooloolaba Surf Club is launching a new tour of the club and beach that educates visitors about life a as surf lifesaver. Getaway is filming a segment about the tour with presenter Charli Robinson.

Behind-the-scenes tour of surf club attracts television appearance

BOOKS: Superstition a central theme in new outback thriller

Author Cassandra Austin.

Cassandra Austin is celebrating the release of her second novel

WHATS ON: Clarence Valley gig guide

Grace Hickey performs at Surfing the Coldstream in 2016.

Looking for something to do this weekend?

Laugh and cry with God's Waiting Room

Sue Kearney, who plays one of the characters from God's Waiting Room, which is on at the Pelican Playhouse from March 3.

You will laugh and cry with God's Waiting Room

MKR recap: The secret ingredients to longevity and success

It’s chilli con carnage on MKR.

‘Turn up the heat’ means chillies. Lots of chillies.

MOVIE REVIEW: Logan doesn't pull any punches

THE WOLVERINE: Hugh Jackman in a scene from the movie Logan.

Gritty, real performances worth the gore in new X-Men movie.

Iconic North Coast post office up for sale

HISTORY: Nicole Swain is selling the historic Bangalow Post Office building this month.

Post office comes complete with the historic Lest We Forget clock

Opponents question Sekisui's 68% support claim

VIEW: An artist's impression of Sekisui House's proposal looking towards Mount Coolum.

Developer says it has 68% support, claims which raised some eyebrows

Major Burrum Heads development to go to vote

Site development plans for the proposed lot conversion at Burrum Heads, near Beach Dr.

Councillors will vote on the lot conversions.

Casino boss loses $4m on waterfront Sunshine Coast home

The owner of this stunning Noosa home accepted much less than he had initially wanted for the home.

When illness struck owner forced to try and cash out of property

Mining homes dive: $600k homes sell for $120k-$300k

18 Yeates Street, Moranbah sold for $135,000 in December, after being repossessed by a bank. The owners bought for $545,000 in August, 2011.

The economy still has two speeds, but with a painful twist

Ready to SELL your property?

Post Your Ad Here!