Super Investor Winter 2012
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- Susanna Reynolds
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1 Winter 2012 Super Investor Winter 2012 Inside > > Market update > > Find your lost super > > How much will you need to retire? > > Rule changes
2 Super Investor Winter 2012 What s inside 2 Better than Lotto find your lost super 3 How much will you need in retirement? 4 Drip feeding your money into investments 6 Super Rule Changes & the 2012/13 Budget 8 Case studies Divorce & taking a career break 12 Do I need more than the super guarantee?
3 Market update We understand investors are nervous. The Australian sharemarket lost $120bn in May effectively all the gains of the last six months. Trading in June started dismally with the Australian sharemarket dropping another $24bn one day and then picking it up again later the same week. It is likely super returns for the 2011/2012 financial year will once again be subdued. All our experts agree we are in for a period of volatility around the stabilisation of Europe, we need confirmation of China s growth story continuing, and that markets such as the US are recovering according to expectations. Time is a healer for markets, so over a five-year horizon it is important to consider short-term uncertainty but not lose sight of the investment objective. From a market perspective, once we are on the path to resolution, markets will start to reflect valuations based on fundamentals rather than macro economic uncertainties. A flexible approach is important because volatility is still a major factor and we believe the next two years will be more about managing risk not chasing returns. BT Chief Economist Chris Caton sees no reason to change his bullish end of year forecast for the ASX 200 to reach While the outcome in Europe is by no means certain, a lot of bad news is already priced in. It s certainly an interesting time to be an investor. Caton s Corner Dr Chris Caton, BT s Chief Economist, writes Caton s Corner every month. To read the latest edition of Caton s Corner, visit bt.com.au/insights where you can also subscribe to his daily podcasts. 1
4 Better than Lotto find your lost super Wouldn t it be great to win Lotto H Just think what you could do with the money. But the odds are stacked against you. The chance of picking all six winning numbers (Division 1) is around one in eight million. Even collecting around $1,000 in Division 3 has a probability of about one in 37, Your odds are much better when it comes to unclaimed or lost super. According to the Australian Taxation Office (ATO) 2, there were around 5 million lost super accounts at 30 June 2011 and around 11.5 million working Australians so almost one in two workers on average had a lost super account. And the ATO estimates the total of lost super at $20.2 billion which equates to an average lost super balance of $4,040. Lost super comes from super accounts where the super fund has been unable to contact the owner of the account. It can happen if you change jobs, names or address without notifying your super fund. Super funds report members as lost when they have received unclaimed mail for the member or when the account has not shown activity for five years. Why hunt for lost super? There is a high chance the fund is being whittled down by fees. You may be paying insurance premiums on insurance cover you already have elsewhere. It is simple to do. The ATO has a lost super service that has already helped re-unite thousands of Australians with their lost super. Go to ato.gov.au/ superseeker and all you will need is your tax file number. 2 1_ 2_ Australian Tax Office Taxation Statistics
5 How much will you need in retirement? How much money will you need to save in super to live comfortably in retirement? Some people call it their magic number a goal on the horizon they work hard for today so they may enjoy tomorrow. Other people may have little or no idea what their magic number might be. If you are one of these people, it may be worthwhile to check out a superannuation calculator such as the one at Before you start on the journey, below are some retirement facts to think about: > > The maximum pension amount for a single person at the moment is $ per fortnight (or $18, per annum), and for a couple is $ per fortnight ($27, per annum) 1. > > That income is less than the amount calculated by superannuation industry group, the Association of Superannuation Funds of Australia (ASFA), for what it calls a comfortable retirement $1,549 per fortnight ($40,407 per annum) for a single person and $2, per fortnight ($55,249 per annum) for a couple. This assumes you don t have to pay any rent or mortgage payments once you stop working. > > Not only is the pension inadequate for a comfortable lifestyle, but the pension age is on the rise. If you are born on or after 1 January 1957, you won t be able to qualify for a pension payment until you are at least 67. $ $1, $1,549 Single pension $2, Couple pension Current pension (per fortnight) Pension needed for a comfortable retirement (per fortnight) 1_ Source: ASFA, ABS 2009/10 3
6 Drip feeding your money into investments Trying to time the sharemarket is difficult, even for experts, as many people have found in the choppy markets we have been experiencing over the past five years. While your superannuation is likely to be invested in the sharemarket, for many people the way we invest our super which is not a once-off lump sum but a regular contribution from your pay can be a good strategy. An effective wealth creation strategy is to drip feed your investments so that you steadily take advantage of market falls to buy into the market when it is at its cheapest. By investing a set amount at regular intervals (say monthly), you invest more when the market is cheap and less when it is expensive. Much like buying more of your favourite food when it is on special. To illustrate the power of this strategy, let s say that five years ago you had $50,000 you wanted to invest in a company s shares. Which do you think would leave you better off today investing the whole amount five years ago (option A) or investing $10,000 once a year for five years (option B)? Take a look at the numbers in the table to the right which are based on market movements over the past five years. Option A would have bought you just over 2,083 shares on 30 April Five years later, that would be worth about $41,333 a capital loss of about $8,667. On the other hand, option B would have bought you nearly 3,145 shares over five years. That would be worth about $62,397 a capital gain of around $12,397. That makes you about $21,064 better off, simply by drip feeding your investment portfolio and buying more shares when they are cheap and less when they are expensive. 4
7 You can use the drip feed strategy to invest in single shares or managed funds. To put the strategy to work for you, a financial adviser could help you: Decide how much you want to invest or salary sacrifice into your super fund or investment portfolio each month, quarter or year. Decide what you want to invest in over the next five to 10 years an individual share, a basket of shares or a managed fund. Adopt a disciplined approach to execute your investment strategy. A regular savings plan attached to your super fund can make this easy. Those of us who receive the 9% super guarantee as part of our salary are already using this strategy often without knowing it. It s a great way to manage market risk or increase your exposure to growth assets when you are feeling unsure about market movements in coming years. A tale of two investment strategies Investment date Amount invested Price per share Shares purchased Value of shares Option A lump sum investment (Invest $50,000 on 30 April 2007) 30 April 2007 $50,000 $ ,083 $50, April 2012 (total) $50,000 $ ,083 $41,333 Option B drip feed investment (Invest $10,000 on 30 April every year for five years) 30 April 2007 $10,000 $ $10, April 2008 $10,000 $ $10, April 2009 $10,000 $9.12 1,097 $10, April 2010 $10,000 $ $10, April 2011 $10,000 $ $10, April 2012 (total) $50,000 $ ,145 $62,397 This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. 5
8 Super Rule changes & the 2012/13 Budget Death and taxes remain the only constants in life. The Government continues to tweak the super rules almost every budget and certainly when they are looking for more money to spend. 2 6
9 It may be disheartening to your long-term savings that the rules surrounding them change, but it doesn t lessen the importance of making money work for you over the long-term. Super continues to be one of the most tax effective vehicles for saving for your retirement. The biggest change this year is capping the maximum concessional contributions to $25,000. So if you re 50 or more and you were looking forward to playing catch up this will not be so easy to do. The rules have stated that $25,000 will be the cap for the next two years regardless of our age. The Government has announced that from 2014 it will revert back to a higher concessional contributions cap for those over 50, but only for those with less than $500,000 in super. Further, if you re earning above $300,000 a year, you will be paying an additional 15% on your concessional contributions (30% in total). This measure was announced in the Budget but has not been legislated as yet. However, from 2012/13, if you re earning up to $37,000, the Government will effectively refund the contributions tax taken from your concessional contributions by up to $500, through making a contribution into your super account. And, good news for everyone receiving the Super Guarantee, is that from 1 July 2013, you will be receiving an additional 0.25% of super, taking your SG to 9.25% of your salary to be paid into super by your employer. This will be increased gradually until it reaches 12% in 2019/2020 financial year. This information does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. 7
10 Case studies We ve put together case studies of some issues that could affect investors. You should speak to your adviser for more information tailored to your individual needs. 8
11 Marriage break-up I am a 45 year old woman who has been out of the workforce for the past 10 years. My husband and I recently divorced after 23 years of marriage. He is 51 and has $400,000 in his super fund. I have only $60,000 in my super. The joint house is worth $1 million (with no debt) and we have around $50,000 in joint savings. We have two children. My 16 year old son is at high school and my 21 year old daughter finishes university next year. Can we split the two super funds equally, or is it better if he keeps his super and I take the house? The rules around divorce are complex so make sure you get advice from a family lawyer about the rules and your entitlements. You are able to split super accounts on divorce, so you can effectively treat super as just one component of the asset pool to be divided. The question of whether you should split the super in half or take the house depends on: your needs now and in retirement, your future working arrangements, custody arrangements for the children, whether you are prepared to sell the family home, and what your former husband is willing to accept or bound to accept from court rulings. For simplicity s sake, let s assume you split the pool of assets equally with your former husband and were prepared to sell the family home and start working again until retirement. From a long-term perspective, consider splitting the super to give yourself a good base to build on over the next 20 years. Alternatively, you could use the proceeds from the sale of the house to make an after-tax contribution to super and buy a smaller house or apartment with the remaining money. Whatever you decide, it is very important to consider your long-term financial health as well as your mediumterm needs such as housing and supporting your children through the final years of school and university. As there could be tax implications, you should seek advice from a financial adviser about your own personal circumstances. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. 9
12 Case studies I m concerned about the effect of my reduced income on my long-term wealth creation plan. 10
13 Career break I m planning to take a year off full-time work next year to complete my Masters degree. I am a single 34 year old and owe around $220,000 on the unit I bought five years ago. While I m confident part-time work and savings will allow me to pay my mortgage and living expenses, I m concerned about the effect of my reduced income on my long-term wealth creation plan. Can you suggest ways I can organise my finances to make the most of my situation. Taking time out of the workforce to further your studies can be one of the most rewarding things you can do for your long-term income opportunities. But it can create some short-term financial stress. To prepare yourself for this, a fourstep strategy is recommended. First, get a thorough understanding of your expenses by developing a budget using actual income and expenses from the past year. Secondly, review your current expenses and develop a plan to cut them by at least 20%. This could be as simple as hanging out your washing rather than using your clothes dryer or bringing your lunch to uni rather than buying from the canteen. You may also find some unnecessary expenses to eliminate. For instance, if you have income protection insurance, speak to your financial adviser about temporarily reducing the amount of cover you have to reflect your reduced income. You may also consider moving your home loan to interest only for the year. Thirdly, you need discipline to implement your strategy successfully. If you don t have a financial adviser, ask a friend to hold you to your plan and report back to your friend at the end of each month with your progress. Give that same friend your credit card to look after for the year so you are not tempted to go into debt or change to a lower interest rate option. Finally, find out all the government incentives you are eligible for and make the most of them. For example, the Government co-contribution, whereby the Government contributes to your super contributions up to a maximum of $1,000 (2011/12 and $500 in 2012/13). While the maximum co-contribution is being reduced to $500 in the 2012/13 financial year, it is still a very worthwhile strategy. You should also make sure you get your student card and understand all the discounts this entitles you to. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. 11
14 Do I need more than the super guarantee? When you re planning for 30 years or more of your life, it s hard to imagine how much you will need to live on. A lot of Australians underestimate how much they need to enjoy even a modest retirement. Generally speaking you need 65% 1 of your pre-retirement income to live on comfortably. 12 1_ Source: ASFA 2009
15 Winter 2012 Visit bt.com.au to learn more about super and investments. Here you can find: > > BT Chief Economist, Chris Caton s regular economic updates > > Super calculators to help you better plan for your future Visit bt.com.au to learn more about super and investments. Here you can find: > > Details on how you can win $10,000 > > BT Chief Economist, Chris Caton s regular economic updates > > Super calculators to help you better plan for your future Disclaimer BT1XXXX-XXXXxx
16 What to do next > > You can log on to BT Online bt.com.au > > Call our BT Customer Relations team on (Monday to Friday 8.00am 6.30pm, Sydney time) This information has been prepared without taking account of your objectives, financial situation or needs. Because of this you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. The information in this publication may contain material provided directly by third parties and is given in good faith and has been derived from sources believed to be accurate at its issue date. The information in this Newsletter is factual only. It does not constitute financial product advice. Before acting on this information you should seek independent financial and taxation advice to determine its appropriateness to your objectives, financial situation and needs. Superannuation is a long-term investment. Generally, contributions to a superannuation fund are preserved. The government has placed restrictions on when you can access your preserved benefits. In general, benefits will not be able to be paid until a member is age 65, or has permanently retired and is above his/her preservation age (i.e. 55 years up to 60 years depending on when the member was born). The Government has set caps on the amount of money you can add to superannuation each year on a concessionally taxed basis. Currently the cap is $25,000 per person pa for the 2011/12 financial year. If you are aged 50 or over, the annual cap is $50,000 until 30 June In addition, the government has set a cap on the amount of money that you can add to superannuation each year on a non-concessionally taxed basis. The cap is $150,000 per person pa. Those under age 65 can bring forward two years worth of personal contributions, allowing them to contribute up to $450,000 per person over a three year period. For more detail, you should speak with a financial adviser or visit the ATO website. There may be a fee for accepting rollovers. Before requesting the rollover, you should check with your other fund/s to determine whether there are any exit fees for moving your benefit, or other loss of benefits (e.g. insurance cover). These projections are predictive in character. Whilst every effort has been taken to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not take into account known or unknown risks and uncertainties. The results ultimately achieved may differ materially from these projections. The information is current as at 30 June BT Financial Group BT13064A-0612aj
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