In late 2014 yet another report (the Murray Report) was commissioned by the Federal govt to "wallpaper over" the induced state of ignorance by the Australian public on Retirement Planning.

The sad indictment of the Report can be summed up by this quote from the Report.

"A recent survey commissioned by AustralianSuper found that “… 85% of pre-retirees are not confident in having an informed conversation around retirement income”."

In popular language they are saying Retirement Planning is not a "BBQ Stopper", but the irony is Australians are being hoodwinked by BigSuper into paying so much into their Super (for the benefit OF BigSuper) that they probably can't even afford to HAVE a BBQ - so yes, it may well be a BBQ Stopper, because OF that induced ignorance.

Are you in the 85% or the 15% bracket?

If the Government figure of $20 Billion dollars being paid to administer the superannuation money is correct we are being taken for mugs.

What a stupid comment "BIG Super"

I assume you mean fees, AMP's lowest fee fund is 0.59% pa, most industry funds are between 0.8% and 1.25%, even expensive funds like BT and Asgard charge 2-3%, so that still leaves 97% of your money to be invested. You have choice, all cash,or property or shares or govt bonds.(or combination of all)

The biggest cost in your super is the 15% TAX, even then average balanced fund over 10 years earns 8.5% p.a. A lot better than bank accounts (which give you 2% and lend it out at 8-9% a nice hidden fee of 6-7%)

The confusion lies with the Union industry funds and the media desperate for bad news.

The Union industry funds advertise low fees (yet many charge far more than Colonial, AMP etc)
They promote no commissions, yet Statewide super pays $50 for every one that an adviser signs up, Hesta received $6 million in commissions (read their latest annual report) Every industry fund pays commissions or receives them from the insurance company underwriting their insurance offer.

Most people turn off superannuation because of the bad media and that they can't get at the money until they retire.

Our superannuation system is world class. It encourages people to save and be rewarded with tax free income after age 60.

Super is a great tax vehicle it is the underlying investments (which you have choice about) that makes it profitable or not.

Amazing that people who go and see a financial planner and pay for advice, have on average 12% more for retirement. (ASIC)

Yes I am one of the 15% to takes interest in planning their future and getting good advice.

If you have had bad experience with superannuation, maybe you should look at yourself rather than can super.

Isn't retirement where you drive around in an old sports car, top down, waving to the poor workers who are paying your pension? I think it was an LMC add that said so.

Well that's what I'm doing, & I think it's great.

Excuse me folks, I've just got to slip down the servo to fill up again.

kirby483 - So it seems you have more information than the Federal Treasury, personally in this instance and after reviewing my superannuation totals over the past 10 years I believe them not you.

Don't forget to factor in the hidden fees and charges.

Quote
"Federal Treasury has taken aim at the high fees imposed on superannuation accounts, warning the Australian economy would be damaged unless the fee was reduced.

David Gruen, one of Treasury’s senior officials, says that cuts to fees would deliver the country "widespread benefits".

Australia's super fees are about three times those in Britain, accounting for one per cent of the GDP.

According to Gruen, Australians spent about $20 billion, or more than one per cent of GDP a year, on fees to manage their super.

Gruen also referenced a Grattan Institute study that found if fees were halved, lump sums in super would eventually be 15 per cent higher, and retirement incomes would go up 20 per cent."

https://au.finance.yahoo.com/news/superannuation-rip-off--aussies-spend--20-billion-in-fee-014449677.html

Thanks for your replies so far

But as for

"If you have had bad experience with superannuation, maybe you should look at yourself rather than can super."

Why would you be so totally aggressive when I said nothing at all re my own position but was simply looking for feedback about this alarming 85% statistic that [as the Murray Report goes on to say] Australians have no idea what actually HAPPENS [which is a big fat nothing] when you retire.

The Report wants us to have CIPRs so our "super experience" during accumulation phase goes seamlessly to the retirement phase without ever having to THINK about it. That is yes, just jump into that old sports car and forget that you will die with 50% more Super than you started with, with your Fund rubbing its hands in glee at your stupidity in not thinking.

I am looking for sane discussion here folks, based on the Murray Report and not the "jump down your throat" attitude in protection OF BigSuper.

So any more comments on the 85% before we move on to CIPRs?