Except you can withdraw everything without penalty now. I'm happy with the performance of HESTA, the income stream has grown significantly even though I'm withdrawing it so they must be doing something right. Annuity? No way.
And you think somehow the Retail funds won't/can't lobby?
If course not ... I did employ the word "perceive", as in "I am aware of it happening".
That's now.
The details today were purchasing an annuity. The assistant treasurer was interviewed on the radio. Someone rang in and asked if they were going to stop people withdrawing lump sums to pay off the mortgage. He said no change to that. Do I trust them? Ah. Jury is out.
It would be a very brave Treasurer, PM and/or Finance Minister who pushed through a policy restricting large sum withdrawals from superannuation accounts once the terms of release had been met - that would surely be political suicide.
Oh I’ve seen such things happen before.
In Australia?
Not about super as such but a political pitch at doing something that resulted in election failure. Negative Gearing comes to mind in SA it was aggregation of trusts and properties for Land Tax calculations. It's only now that the billions invested in Superannuation has arisen. Honey pot to Governments.
Aaaah, the joys in socialism.
OK - fair enough. There's lots of meddling going on in the property space in various states across Australia that have the objective of raising more money for broke and inefficient state governments. These chickens will all come home to roost at some point.
Given the alternative putting the money into bank run funds et al…
Ahh we forgot the emotional baggage from the roller-coaster ride
I also try not to pay more tax than I'm obliged to, but do find it nice to receive my government-paid salary rather than consult for free
Trust you are not conflating my comment about Government spend with the necessary Government funding budget for essential needs and in which I have no issues with health, education, etc etc spend....
Of course, at the age a person would be when this comes into play, it might not always be best to have all in "High Performance" funds. One might not have the decade or more to recover from a sudden severe decline in the market's value.
But accruing interest = tax.
Not you, but I do come across a number of people who seem to consider any tax payable as going to 'unworthy' causes such as unemployment benefits and political frippery and not consider that most goes on age pension, health, roads, police, armed forces and generally running a pretty fabulous country
