You may well have heard about the Grattan Institute’s Money in retirement – more than enough report, which posits that “the vast majority of retirees today and in future are likely to be financially comfortable.”
Among other things, the report recommends loosening the age pension assets test, scrapping the plan to increase the superannuation guarantee to 12% and reducing superannuation tax breaks. Here’s what the Association of Superannuation Funds of Australia has to say about it.
ASFA chief executive Martin Fahy described the report as being about “two Australias, where the well-heeled high earners have a fully funded retirement and the rest rely on the state.”
He said the report suggests an attempt to “dismantle our world class retirement funding system and replace it with a model that has two thirds of the population relying on the Age Pension.”
Fahy continued, arguing that in a world of increased
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