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Updated Save Share Fund managers and life insurance companies say the governmentâs bid to clean up outdated legacy wealth management products will help shift retirees out of dud products that have been a sticking point between the sector and the regulator for years. Treasurer Josh Frydenberg on Tuesday unveiled a two-year amnesty for customers who had bought into wealth management or life insurance products - prior to September 2007 - to exit those legacy products and stick their savings into an accumulation product with a super fund or a new product. Legacy products have been a thorn in the side for the wealth management sector - and financial regulators - for years. ....
She tells Photo: 123RF The bill concerns eligibility for superannuation and has been before a select committee. The orginal target was migrants, but it affects a wider group than that, Wrightson says. People living or working overseas need to be back in the country five years before super payments start at the age of 65. Jane Wrightson Photo: supplied This bill is proposing to raise that [to 10 years] and my main concern is that the timeframe is very quick, and the thing about pension policy is that any changes should be implemented very slowly indeed because people can t plan properly. She used the example of people who may have left New Zealand to work overseas for many years and returned at 60 to be eligible at 65 for their super, however, if they are 63 on 30 June this year they will have to wait an extra year before being eligible. ....
In the area of planning for your retirement, there are a number of rules of thumb that commonly appear in articles and seminars. Let’s test four of the more common guidelines to determine their worth in retirement planning. ....
Jeff Ptak: And I m Jeff Ptak, chief ratings officer for Morningstar Research Services. Benz: Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been an editor of Annuity Market News, a writer in Vanguard s individual annuity marketing department, a senior editor at Rodale Press, and a reporter for The Billings Montana Gazette. ....