The Association of Financial Advisers (AFA) has welcomed the revised superannuation package released today by the Government.
AFA CEO Brad Fox said that in relation to non-concessional superannuation contributions, the revised package represents a positive compromise and, along with other measures, will help Australians to retain confidence in Australia’s world class superannuation system.
“These compromises, if accepted by the Parliament, provide pragmatic improvements to the package when balanced against the Budget repair measures. In the medium term we would like to see the contribution harmonisation measures for 65 to 74 year old people reconsidered,” Mr Fox said.
“We have a strong and robust retirement framework in Australia, but it is complicated. Too many Australians are failing to maximise their retirement lifestyles by not making the most of the superannuation rules and seeking personal financial advice from a professional financial adviser. The earlier in life people seek professional advice and start making plans, the better the lifestyle they will be able to afford in retirement.”
