Even though the government is lauding the much-promised mining tax repeal as one thing which may possibly save the Spending budget about $ 50 billion more than the subsequent decade (which includes a saving of roughly $ 2.5 billion over the forward estimates by re-phasing the Superannuation Assure increase), CANSTAR has calculated that it will hit the retirement nest egg of the average 30 year-old worker by around $ 20 – $ 40,000 depending on their present earnings level.
As background, the Gillard federal government announced, in September 2010, that the price of superannuation guarantee (SG) payable by employers would enhance from its then-level of 9% to a price of 12%, growing in increments between 1 July 2013 and 1 July 2019.
In the Could 2014 Federal Spending budget, the present federal government had already delayed the improve in superannuation assure (SG) payments. As portion of the mining tax repeal it has legislated an further 3-year freeze. Primarily based on that, workers will not receive the full 12% SG rate till 1 July 2025.
So how will that additional 3 year “pause” affect retirement nest eggs?
The table under shows the projected influence for a 30 year-old worker organizing to retire at age 65, and assumes a salary improve of 3% per annum.
Existing Income | Annual return net of fees/tax | Retirement balance pre-SG freeze (future dollars) | Retirement balance post-SG freeze (future dollars) | Difference |
$ 30,000 | 7% | $ 1,100,000 | $ 1,086,000 | $ 14,000 |
$ 40,000 | 7% | $ 1,289,000 | $ 1,270,000 | $ 19,000 |
$ 50,000 | 7% | $ 1,478,000 | $ 1,454,000 | $ 24,000 |
$ 60,000 | 7% | $ 1,667,000 | $ 1,638,000 | $ 29,000 |
$ 70,000 | 7% | $ 1,856,000 | $ 1,822,000 | $ 34,000 |
$ 80,000 | 7% | $ 2,045,000 | $ 2,006,000 | $ 39,000 |
Source: CANSTAR. Assumes salary indexation of 3% per annum and retirement at age 65.
Although the SG freeze will undoubtedly impact the retirement nest egg of workers, you ought to nevertheless make sure that you’re as super-savvy as you can be. Here are some things you must look for in a fantastic-worth super fund.
What will the mining tax repeal cost your retirement nest egg?
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