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Aug 22, 2024 | 
moneymag.com.au | Tom Watson |Mark Chapman |Susan Hely
Australian workers will soon have the right to close their emails, switch their phones to 'do not disturb' and ignore any unreasonable contact from their employers beyond normal work hours. From Monday, the 'right to disconnect' law will kick in for employees working for medium and large businesses, with small businesses exempt from the new law until August 26, 2025. So could the right to disconnect meaningfully change workplace dynamics? How will it actually work in practice?
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Aug 18, 2024 | 
moneymag.com.au | Rose Kerlin |Paul Clitheroe |Susan Hely
Gender equality remains a long way off in Australia, particularly in terms of financial security in retirement. As we mark the Workplace Gender Equality Agency's Equal Pay Day today, August 19, it's a reminder that urgent action is needed so that all Australian women can retire on an equal footing. A lack of financial independence and retirement savings, along with unexpected life events like death and divorce, have resulted in some older women not having the means to retire well.
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Jul 31, 2024 | 
moneymag.com.au | Paul Clitheroe |Susan Hely |Tom Watson
Dear Paul,Is it possible to save all of my wages into my super and request my super provider pay me a lower amount each month from the age of 60 to my retirement age at 67? The purpose is to provide better super when I do retire by investing more into my account. - ConnieThat is a ripper idea, Connie, but in regard to employer contributions, the maximum any of us can put into super from our salary is $30,000 (2024-25).
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Jul 25, 2024 | 
moneymag.com.au | Nicola Field |Susan Hely
Westpac offers debit cards to 8-year-olds, how to buy a slice of Olympic gold, and good news for Kiwis living in Oz. Here are five things you may have missed this week. There was a time when childhood meant Disney movies, reading under the doona by torchlight and earning enough pocket money to buy a Paddle Pop. Not anymore. Today's youngsters are under pressure to hone their financial skills.
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Jul 24, 2024 | 
moneymag.com.au | Paul Clitheroe |Susan Hely
Dear Paul,I am 64 and retired last year. I have $1.7 million in super in a retirement income account. My wife has been a full-time babysitter for our grandchildren for many years and only has $60,000 in super. We own our home, which is worth about $1.1 million. We also have an investment property worth about $750,000. We have a mortgage on this property (secured by our home) but the full amount owed ($200,000) is in an offset account and being paid off at the agreed monthly rate.
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Jul 10, 2024 | 
moneymag.com.au | Susan Hely |Tom Watson |Nicola Field
My kids switch off when I bring up topics such as superannuation, insurance, spending and saving. I have to choose a time when they are receptive to a dose of parental wisdom, otherwise they claim to be too busy to chat. They are working full-time: exhausted and snowed under. But I don't want my kids making the same mistakesI made, some of which have been shockers, particularly when I was young and didn't take much notice of what my parents told me.
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May 22, 2024 | 
moneymag.com.au | Susan Hely |Nicola Field |Tom Watson
Ignoring your superannuation is never a good idea. After all, it is probably your biggest or second biggest asset if you own a home. But because retirement is a long way off, some Australians adopt a set-and-forget approach, leaving it unchecked until their impending retirement. By then, it could be too late. If super payments have been missed or you have been underpaid, it is almost impossible to fix. No matter your age, it is a good idea to regularly review and get on top of your super.
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Apr 23, 2024 | 
moneymag.com.au | Tom Watson |Eliza Bavin |Susan Hely
Australians who don't obtain financial advice in the lead up to finishing work are twice as likely to find retirement harder than anticipated compared to those who do, new research has revealed. The Colonial First State research found that unadvised Australians are likely to fare worse than their advised counterparts in a number of different ways, including when they elect to retire and the enjoyment they get in retirement.
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Apr 22, 2024 | 
moneymag.com.au | Susan Hely |Tom Watson |Renae Anderson |Jeremy Lack
One way to work out if your superannuation savings are on track is to look at how much other people your age have saved. Knowing whether you have more money than your peers could give you peace of mind. Alternatively if you are way behind your age group, it could spur you on to catch up. It is up to superannuation fund members to monitor their savings regularly and have a retirement plan that can fund a retirement stretching 30 to 40 years. It is a huge challenge.
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Apr 21, 2024 | 
moneymag.com.au | Susan Hely |Tom Watson |Jeremy Lack
Not all employers do the right thing by their employees and pay the 11% superannuation guarantee entitlement. In fact, $4.7 billion of superannuation isn't paid to workers each year, according to Industry Super Australia. The great super rip-off typically affects employees who work in accommodation, construction and food industries. Often it is employers with turnover of less than $10 million who employ less than 30 staff who aren't paying superannuation, according to a report put out by Treasury.
