Vita Palestrant

1 month ago | moneymag.com.au | Vanessa Walker |Vita Palestrant |Tom Watson |Chris Brycki

What are the top five mistakes people make regarding retirement? Did you know, for example, that you need to start planning for retirement a decade beforehand? This week on the Friends With Money podcast, Money's Vanessa Walker sits down in the studio with Money's super columnist Vita Palestrant to chat about the top do's and don'ts when heading into retirement. What's the biggest mistake that people make? Why is super such a great investment and tax strategy, no matter what age?

1 month ago | moneymag.com.au | Nicola Field |Vita Palestrant

Another year, another raft of changes affecting retirement savings. That said, 2025 is an election year and not every proposed change is set in cement. With this in mind, here's what's in store:It's amazing to think that compulsory employer-paid super has been with us for 33 years. When the super guarantee (SG) was first rolled out in 1992, employer contributions were set at just 3% of ordinary time earnings (or 4% for employers with an annual payroll above $1 million).

1 month ago | moneymag.com.au | Vita Palestrant |Nicola Field |Mark Chapman

Setting time aside to make sure your super is up to scratch invariably pays off. Basically, you want to know it's performing well, your insurance is in order and all your personal details are correct and up to date. Here's a checklist to help you along. The first thing to check is whether you have multiple accounts. "If you're not keeping them open for a reason, consolidate them," advises Xavier O'Halloran, the chief executive office of advocacy group Super Consumers Australia.

2 months ago | moneymag.com.au | Karren Vergara |Vita Palestrant |Sharyn McCowen

The Federal Court today slapped AustralianSuper with a $27 million fine for dragging its feet on a multiple account bungle that lasted more than four years. Judge Hespe found that AustralianSuper failed to promptly identify and merge members' multiple accounts in the way the law required for the period between March 13, 2019 and May 11, 2023. Some 42,551 beneficiaries were affected. ASIC instigated action in October 2024, alleging that the $360 billion super fund's misdeeds stretched back 10 years.

2 months ago | moneymag.com.au | Vita Palestrant |Paul Clitheroe |Sharyn McCowen

The $4 trillion super sector has been a great success, delivering good returns since its inception. Now the focus has shifted to customer service. Over the past few years, complaints to the Australian Financial Complaints Authority (AFCA) have soared, particularly over delays in handling death and disability claims. This has led the Australian Securities and Investment Commission to take legal action against Cbus, with more cases expected to follow.