Greg Tanzer
The corporate regulator has launched a new superannuation calculator to aid consumers with their decision making processes involving their retirement savings once the Federal Government’s ‘simpler super’ initiatives come into force on July 1 of this year.
The new calculator can be accessed via the Australian Securities and Investments Commission’s (ASIC) consumer website FIDO along with an accompanying comprehensive user guide.
ASIC executive director consumer protection Greg Tanzer said of the calculator: “It shows you how to take some of the guesswork out of super, and test the long-term impact of important choices.”
“Ask FIDO to show you the long-term effects of making extra contributions within the limits that will be imposed from 1 July 2007. If you enter contributions that exceed the limits, the calculator will automatically adjust them,” he added.
Some of the main issues addressed by the calculator include the long-term effect of fees charged by the various super funds in the market, whether or not an individual is eligible to receive the government co-contribution, the implications and consequences of breaking or reducing contributions due to a stint out of the workforce, and the results of changing super funds or switching investment strategies within funds.
The existing superannuation calculator on the FIDO website will still be available to consumers until July 1, 2007.
