You’ll never guess who’s after your money now! 12



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A new report by the Financial Services Council and ING Direct says more than half of Australians will have to use additional income sources such as property and employment to supplement their superannuation.

However, one in nine Australians say they will rely on inheritance as a source of income support in retirement.

You heard it right: inheritance. It seems some of our children are hoping we will be able to support them way down the track.

For those of us who are busy SKIing (spending the kids inheritance), this news could come as a nasty shock. Do they really expect us to leave them some money? How do you feel about that?

The reason some of our children are counting on us to help them out is that many of them don’t think they will have enough super to retire on comfortably.

TheSC/ING Direct report Your Super Future found 51 per cent of those surveyed believed their super fund would not provide enough income for a comfortable retirement.

The amount they thought they needed varied according to how much they were earning.

The fact that many considered their super inadequate was further reflected in the fact that 80 per cent of Australians supported an increase in superannuation contributions to 12 per cent over the next decade.

Are  your own children relying on you to leave them property or money to top up their superannuation? Do you have enough super yourself? Or are you finding it hard to manage in retirement yourself and hoping an elderly relative will leave you something, too?

Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. To be honest I don’t think my kids have even considered that as they are all doing better than me, however if parents have their own home your children are well aware that the home and perhaps any leftover super will go to them, which is exactly my legacy to me family.

  2. We plan on leaving our son an inheritance in the form of real estate, but we are going to put it in a trust so that he can’t get “fleeced” by a gold digger. We don’t believe that superannuation is enough and will end up being taxed into oblivion by the government at some point down the track.

  3. We are doing our own thing. At least one of our boys is earning money we never even dreamed of. Other 2 are OK as well. This is our time after working our butts off for them.

  4. The best my 2 will get is the possibility of no debt left behind, maybe the credit card only.

  5. My kids will get the house and no other debt.

  6. It looks like this site does not like honest comment if it goes against the common thread of comments on this site so that just delete them. This website is just dishonest and should be shut down, I put in a comment and it was deleted straight away I changed my name and email address put in the same comment and posted and it stayed up. If you disagree with this website in their comments don’t bother posting it will get deleted as I expect this post to deleted within minutes so naturally this will be my last post and viewing of this website as the owners of the website have lost sight of why it exist what a sham.

  7. What’s left they can have, not going without now though. Know some people worrying about what they are leaving their kids.

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