Single default accounts
On or after 1 July 2021, in the absence of a new employee
choosing a superannuation fund, an employer must determine whether
that new employee has a stapled fund and, if a stapled
fund exists, contributions should be paid into that stapled fund
instead of paying into the employer s chosen default
superannuation fund.
Underperformance in superannuation
The Bill proposes a new Annual Performance Assessment ,
requiring APRA to action annual performance tests each year for
MySuper products and other products set out by the yet to be
drafted regulations. Under the rules, if a fund fails the annual
performance assessment, the trustee must notify all members and if
Latest Retirement Research: Track Spending, Invest in Health
Not being financially literate can be dangerous to your wealth in retirement.
Author:
Mar 3, 2021 8:00 AM EST
What advice then do experts have for older Americans with respect to their personal finances, retirement accounts, etc. What actions should they take and/or avoid?
A bit of background: Poor financial capability can erode well-being in later life, according to Understanding Debt in the Older Population, research co-authored by Annamaria Lusardi, a professor at the George Washington University School of Business and Olivia Mitchell, a professor the Wharton School of the University of Pennsylvania.
According to that research, older Americans, ages 51-61 carry debt due to student loans and unpaid medical bills; and having children also contributes to carrying debt close to retirement.
Arty Finkelberg, CFA, CFP, Senior Vice Presidents-Investments and Managing Director-Investments, of Finkelberg Investments of Raymond James has again been selected to Forbes Best-In-State Wealth Advisors.