Cant agree more.
If your entrepreneurial this could kill the access to any number of opportunities.
While Im at retirement age its been a constant battle as Im self managed.
With enough super to never need the pension banks wont consider it for
development or Business.
If I had it all in accounts and Under my names not the super fund Id have
access to much much more than I can now.
Most liked posts in thread: Get ready for a battle royale over superannuation
Whether that is better than what there is now, who knows? But it is something that young people should think about a lot, my personal feelings are, adding more than required to super may not be as good as investing any excess outside of super.
Then the funds aren't locked away, and at the mercy of future Government whims.
The big question to ask, is super and your contributions, designed to give you a better retirement? ATM the last election indicated, there isn't a cut a dried answer.
Just my opinion
P.S the thread Superannuation the Government cash cow, has a lot of discussion regarding super.
I tend to agree that adding more than necessary is a big gamble that not much changes between now & turning 60.
I definitely favour having control over what I do with my assets and invest significantly outside of super but I understand folks who might choose super because of the tax implications.
The idea that people should get a $20k pension for whatever they've contributed to super I think is very short sighted.
All the back & forth on this topic is crippling to actual citizens retirement planning. Just imagine, recent retirees fretting about whether they should take a lump sum or draw down. It's very favourable to have your super in pension mode and get your income tax free. Younger people actually attempting to plan for retirement, how are we supposed to make significant investments towards our older years when each side of the aisle cannot sit still on policy for more than 1 term?
On balance, I think a higher super guarantee is better in the long run but getting there might be painful in the short term.
Just for women - few court cases for discrimination now could be filed by men and the gay couple made by two men . already there is a disparity of skills and ability by giving gender diversity in the forefront. All managers are keen to fulfil the KPI and letting a few women also unhappy because beholders could think, they got the promotion only because of gender bias and no merit. Short time gain for some but long term loss when skills and abilities are denied.