An idea being floated by the government is whether superannuation balances should be capped.
"What we're thinking about is what is a reasonable amount of money which is consistent with that objective of having savings, tax-assisted savings for retirement income," Mr Jones said.
"Let me be very clear, this is not about the government saying to people you can't save more than $5 million, $10 million, $100 million for their retirement."
from the same link above
$5m? when the objective assessment using the extreme low interest rates a few years ago showed that only $1.6m is adequate to provide enough for the "average wage" to be paid from an annuity.
sure some people have greater needs for travel and so perhaps some leeway could be given for these. also medical costs are much higher as one crawls slowly towards death.... so maybe toss in enough to pay exorbitant hospital insurance premiums.
what is a reasonable cap on super? I guess $2.5m rather than $5m..... the tax concessions are so costly that superannuation sums should perhaps be kept to a number suitable for 90% of retirees. this would allow other revenue to be legitimately taxed and so support the common weal.
