'Australians who believe $1 million is enough for a comfortable retirement are in for a rude shock, according to one of the leading providers of retirement incomes.
Superannuation industry veteran and chairman of retirement income at Challenger, Jeremy Cooper, said if the typical $1 million nest egg was used to buy a lifetime income in the current interest rate environment, it would fetch about $1297 a fortnight – the same as the government pension. '
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'Pauline Vamos, chief executive of the Association of Superannuation Funds of Australia, agreed $1 million is not an adequate amount for a comfortable retirement and said super assets below $2.5 million should not be taxed – to boost their savings. There was also not enough focus on setting up reliable income streams, she said. '
So there you have it. Someone drawing the full age pension is going to cost the tax payer about $1m. Until the cost reaches $1m folks that are self funded should also get a similar hand out from the tax payer ???? I've had no where near $1m of tax benefit from the tax payer, so why should I, and others, be up for a slug of our super funds???
