A super way to help us
YOU either love or hate the idea of superannuation. While personally I am not a big fan, I do support the concept of Australians being encouraged to plan for their future.
I get even more excited when we are encouraged to become educated in how to take control to create our own future, as it seems ever more present that superannuation is just not going to cut it in retirement for everyone.
Becoming educated in order to control your future is a far more secure way of retiring comfortably than relying on the Government to give us a golden handshake in the form of a pension.
That said, when it comes to legislation surrounding superannuation, the track record of previous governments is quite poor. Historically, government has continued to amend the amended amendments of the previous cycle of amendments.
Confused? You should be. In short, they cannot stop playing with your retirement.
It is also highly likely that the Federal Government will make more amendments to your superannuation entitlements long before you retire. Revenue and Financial Services Minister Kelly O’Dwyer said the current superannuation package was a “very comprehensive reform to our compulsory superannuation system to protect members’ interests to make sure their money is protected”.
However, I have an even better idea that could really “make sure members’ money is protected” — encourage individuals to get a real education about how to grow and take care of their superannuation. Then they won’t have to pay fees to underperforming fund managers.
Put the power of super into the hands of the people who really care about it, rather than corporations whose only desire seemingly is to make obscene profits from it.
Aussies can and will make better decisions for themselves when they have the right education to do so. That is why I encourage everyone to gain the knowledge and skills to be their own super fund manager, or at least be more active in managing it.
Sometimes a week can be a long time in the share market, while at other times it is not long enough.
I mentioned last week that I thought the current sideways move would end soon and that price would rise; this week it fell away to achieve its lowest price since June and I do need to reassess what is likely to unfold.
It is normal every year for the market to be bearish in either September, October or November, as it is in May and June. June is statistically on average the most bearish month, followed by October.
So far, September has only fallen just over 1 per cent. As such, it is possible that October will see a slightly larger fall in the order of 3-5 per cent before finding support for the next rise.
Right now I do not see any major issues to worry about as there are many stocks that are looking very interesting and likely to provide some great buying opportunities in the not too distant future. Dale Gillham is chief analyst at Wealth Within