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Super-Charged: New Reforms For Funds
Edition #11 - December 2024
Liana
December 05, 2024
The Australian government is giving superannuation a much-needed tune-up, with new reforms designed to better serve retirees during the "decumulation" phase—where your savings are transformed into a steady income. This is a crucial step forward, as retirement strategies have often lagged behind in clarity and customization.
Here's a look at how these changes might shape your future:
Advice at Your Fingertips (But Keep an Eye on Costs) 🧐
Super funds will now be allowed to offer personalized financial advice directly to members, with fees coming out of your super balance. On the surface, this makes expert guidance more accessible, especially for those navigating the complexities of retirement planning. But as with all things financial, transparency is key. It’s important to ask questions: How much are these fees? Are you getting good value for your money?
Better Tools for a Better Retirement 📝
These reforms aim to make retirement more strategic, with funds expected to tailor their offerings to meet diverse needs. Key measures include:
Custom Retirement Solutions: Funds must develop clear retirement strategies for members with varying risk profiles and goals.
Longevity Planning: A greater focus on ensuring your savings last as long as you do, addressing the rising concerns of outliving funds.
Simpler Communication: No more dense jargon—super funds are being encouraged to improve transparency and provide actionable advice for their members.
This isn’t just about making retirement easier; it’s about empowering you to use your super more effectively.
What You Should Do ✅
These changes are part of a broader effort to modernize Australia’s retirement landscape, ensuring superannuation remains relevant as lifespans increase and retirement expectations shift. It’s an opportunity to rethink how your super works for you, beyond just being a savings account.
However, with reforms come responsibilities:
Stay Informed: Understand how your fund is adapting and whether extra costs or new benefits might affect you.
Be Proactive: Compare your fund’s offerings with others to ensure it aligns with your goals.
Engage Early: Don’t wait until retirement to ask questions—set yourself up for success now.
Looking Ahead➡️
The goal is clear: to turn superannuation into a powerful tool for navigating retirement confidently. While there may still be hurdles (looking at you, advice fees), these reforms promise to make the system more accessible, tailored, and transparent for retirees.
Whether you’re already retired or simply planning ahead, now’s the time to engage with your super and take charge of your financial future.
What’s your take? Are these reforms a step in the right direction, or do you see room for improvement?
What’s On?
Events & Activities
This Week:
Event | Description | Date/Time/Place |
|---|---|---|
Christmas Carol Concert🧑🏻🎄 | Join us for your favourite Christmas carols performed by the Northern Beaches Orchestra, our Community Christmas Choir and local artists who will have you singing together all night long. | Dates: Thur 5 Dec, 5pm Location: Manly Oval Cost: Free! Learn More |
Scouts Tree Sale🎄 | Find the perfect Christmas tree while supporting the local scouts. | Dates: Sat 7 Dec, 7am Location: Wakehurst Public School Cost: Free, Learn More |
Bucketty’s Brewing - Live Music Saturdays🍺 | Enjoy local brews with a relaxing afternoon set by ‘Beach Symphony’, followed by a rocking set by ‘Kotahi Groove’ from 8pm. | Date: Sat 7 Dec Location: Bucketty’s Brewing Co, Brookvale Cost: Free! Learn More |
Sustainable Gift Wrapping Workshop🎁 | Create eco-friendly beeswax wraps to make your holiday gift wrapping sustainable. | Dates: Sat 7 Dec, 11am Location: Forest Community Arts Centre Cost: Free, Learn More |
Legends Of Swing Concert🎷 | Join Charlie Chech and his jazz quintet to celebrate the best-of-the-best from Frank Sinatra, The Rat Pack, Michael Bublé, Tony Bennett, Bobby Darin and many more! | Dates: Sun 8 Dec, 3pm Location: Dee Why RSL Cost: $40, Learn More |
Q Station Ocean Festival🪸 | Celebrate the ocean with food, music, and eco-friendly fun in a historic setting. | Dates: Sun 8 Dec, 11am Location: Q Station Cost: Free, Learn More |
Ocean Festival🐠 | Celebrating our marine protected areas. Enjoy Underwater photography, rock platform rambles, dives, beach cleanups, snorkel tours, SUP, and science talks! | Dates: Sun 1 Dec - 8 Dec Location: Manly Beach |
Next Week & Upcoming:
Event | Description | Date/Time/Place |
|---|---|---|
Ways To Reduce Cost Of Living - Talk💸 | Discover practical ways to save money and reduce household expenses this holiday season. | Dates: Thur 12 Dec, 11:30am Location: Warringah Mall Library Cost: Free, Learn More |
Christmas By The Beach🎀 | Enjoy carols, a Christmas show, and a festive picnic with the whole family. | Dates: Fri 13 Dec, 4pm Location: Meehan Reserve, Dee Why Cost: Free, Learn More |
Watercolour Postcard Workshop🎨 | Create beautiful watercolour postcards to spread festive cheer. | Dates: Sat 14 Dec, 10am Location: Manly Art Gallery Cost: Free, Learn More |
Lifeline Book Fair📚 | Shop for preloved books while supporting Lifeline’s important community work. | Dates: 12 - 15 Dec, 8am Location: St Augustine's College, Brookvale Cost: Gold Coin Donation, Learn More |
Groups
Description | Details |
|---|---|
Finding Fabulous Friends🤗 | Social group for women of all ages on the Northern Beaches Sydney, wanting to connect with new friends! |
Mongrels Men🧔🏻♂️ | Mongrels Men run close to 300 events and activities for men on the Northern Beaches every year designed to get blokes off the couch, outdoors, moving, communicating, connecting and developing new social and support connections with other men in their local community so they have somewhere to go, something to do, someone to talk to and support when needed. |
Sydney Snorkelling Meetup🤿 | Based in Shelly Beach Manly, this group meets up on weekends to snorkel and enjoy Sydney’s gorgeous marine life! |
Volunteering
Opportunity | Description | Commitment |
|---|---|---|
Northern Beaches Women’s Shelter🏡 | Seeking support in roles such as: Office Admin, House Operations, Fundraising and Marketing/ Management | 4hrs per week for a 12 month basis. |
Bear Cottage Children’s Hospital🧸 | Roles include: Housekeeping, Kitchen, Music Therapy, Play Therapy, Art Therapy, Therapy Dog Walking, Gardening, Hairdressing, Transport, Yoga and more. | Variable/ role based. |
Raise Foundation Mentoring🎓 | Australia’s leading provider of youth mentoring programs, offering early intervention mentoring as a preventative solution. | 2hrs per week, 20 weeks annually. |
Radio Operator - Marine Rescue📟 | Search and Rescue communication and coordination support, Vessel Log On and safety monitoring via radio and mobile phone app. Vessel tracking, etc. | Weekly 5hr watch, min 6 months. |
As always, I’d love to hear if you tried any of the things I’ve mentioned above, or if you’ve participated in other great activities that the community should know about!
Until next week!
-Liana xx
Disclaimer:
The content provided in this article is intended for general informational purposes only and does not constitute financial advice. The views and opinions expressed are those of the author and are based on publicly available information at the time of writing. Always seek independent financial advice from a qualified professional before making any decisions related to your superannuation, retirement planning, or financial matters. The author and publisher are not liable for any loss or damage arising from reliance on the information provided.
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