Opinion
Why super isn’t supposed to make you super rich
There were opportunities in the past to make exceptionally large contributions to tax-advantaged super accounts, but those days are over.
John WasilievColumnistQ: I’ve never understood superannuation. What ought to be a simple business of saving and investing for one’s post-employment stage of life has been made so complex by tax concessions, a mandatory requirement for all businesses to provide superannuation and the ever-expanding government oversights and penalties for getting anything wrong. In my view, as someone in his 70s, it has made super a poor alternative to saving and investing.
Back in 2010, after I shut down my successful business, I took $100,000 and invested it in the sharemarket in American and Australian technology shares. As of today, that investment is a $16 million portfolio. My point is to demonstrate that self-investment can produce a far better preparation for retirement than super. Lloyd.
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