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Money Here's how you can take responsibility for your super

18:31  03 june  2018
18:31  03 june  2018 Source:   businessinsider.com.au

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People who take complete responsibility for their lives experience joy and control of circumstances. They are able to make choices because they understand that they are responsible for their choices. + Here ' s How You Can Do Human Resources Strategic Planning.

He recently appeared on an Oprah Winfrey Super Soul Sunday show and I decided to go through his book However, we can all take 100% responsibility for our responses to the events in our lives. How about you ? Are you choosing to live your life as a victim or a victor? Here ’ s a link to other


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The Productivity Commission’s latest report on superannuation asks whether the current system is working for members – and answers firmly in the negative.

The report identifies four factors that can chip away at super fund members’ retirement benefits:

  • fees
  • rate of return
  • insurance
  • holding multiple accounts

What is also clear from the evidence laid out in the report that the not-for-profit sector, including industry super funds, generally outperforms the retail sector. Generally they offer lower fees and higher returns, although there are some industry funds that rank among the lowest-performing.

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If you are dreaming of getting a promotion, then think about how you can make yourself more useful in the coming months. You just have to wake up, take the necessary steps and then rock the world. Whatever responsibility it is you are not accepting, here are four easy ways to help you embrace it

Do you see just how seductive this belief is? If you ’re powerless, then you never need to face the idea that perhaps you ’re in a hole of your own making. If you are not willing to take full responsibility for your life, you are ceding the ability to improve.

Despite recent reforms such as the 2013 launch of MySuper, the superannuation system is still beset with the same problems of rising fees and patchy performance. And there is still no substitute for just hopping on the internet and proactively checking that your super is in the best possible hands.

The situation is made complex by the highly segmented nature of Australia’s superannuation system. Besides the public sector funds, the most significant sectors are the retail sector and the not-for-profit funds, including industry funds (see figure 1.5 here). These sectors compete for as large a slice as possible of the overall pool.

Self-managed superannuation funds are also a rapidly growing sector of the market, however the regulatory framework applied to these funds has some significant differences to the rest of the market.

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Taking responsibility for yourself is not the same as blaming yourself. Here are a few tips and tricks I've used to help me drop the habit of self-blame. 1. Re-frame how you question yourself. We all have patterns, or tendencies, in how we communicate.

“One of the greatest challenges in creating a joyful, peaceful and abundant life is taking responsibility for what you do and how you do it. As long as you can blame someone else, be angry with someone else, point a finger at someone else, you are not taking responsibility for your life.”

Tracking your super

Most employees have the right to choose their superannuation fund (although around one million don’t), and if they don’t nominate a fund, employers will pay contributions into a default fund.

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Do you take responsibility for yourself? Wait!! Before you answer that, how did you feel right after reading the question? I mean, you ’re reading this blog right? So that makes you super smart. 🙂. That means you know the right answer to all these questions.

Once you take responsibility for your own learning and realize it is going to be a journey and not a It is the same here in Madrid, I was stuck reading about how to learn the language whilst other However, not everyone on the planet can be naturally super -productive etc… so for those people

As the new report points out (see figure 1.2 here), up to 40% of superannuation members hold multiple super accounts. In some cases this may be a deliberate choice – someone with a self-managed super fund may might, for example, choose to have their employer contributions paid into a conventional fund. But often multiple funds are a consequence of employees being enrolled into a new default fund instead of paying contributions into an existing fund.

A range of tools is now available to help people consolidate their super, so as not to lose any of their savings. In the 2018 federal budget the government announced that it would reduce the paperwork involved in this process by allowing the Australian Taxation Office to consolidate inactive super accounts with balances less than A$6,000.

MySuper

The primary aim of MySuper, introduced in 2013, was to provide a simple default product that meets the needs of members who are not engaged with their superannuation. They have no entry fees, offer simpler insurance and services, and lower administration fees that are charged on a cost-recovery basis.

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Here are three ways to wrest back control: Take 100% Responsibility . Several of the personal development writers who I read – Jack Canfield and Steve Pavlina amongst them – emphasize how important it is to take full responsibility for your life.

Here are the steps you can take to do the same: Pain. Get super -aware of when you 're blaming or faulting or accusing, even if you 're doing it in your head. So just do an experiment, and see if you can take complete responsibility for your life, including your relationship. Communicate. Tell your partner what' s been going on, how you feel about it, and the effort you 're going to make.

But although the effects of MySuper are generally positive, the 2013 reforms may also have contributed to the erosion of funds identified by the new review.

This report confirms (see chapter 3, p.127 here) that super fund fees in Australia are among the highest in the OECD, and the upward pressure on fees continues. Just this month, the Commonwealth Bank announced that it would pass the costs of regulation onto some superannuation products.

One of the consequences of introducing the fee charging limitations for MySuper accounts was that the previous member protection standards that limited fees on low-balance accounts was repealed. In the 2018 federal budget the government announced that fees would be capped in respect of certain low balance accounts.

MySuper products must provide also life insurance on an opt-out basis. Insurance in superannuation has also been under scrutiny, with inappropriate or junk policies being included in superannuation. The government has announced proposals to change this to an opt-in system.

This report adds to the evidence that overall the current structure of not-for-profit funds is serving members well. Although it supports proposals to require the trustees of industry funds to increase the number of independent directors, the Productivity Commission highlights the need for a stronger focus on trustee skills and addressing conflicts of interest.

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Tap here to turn on desktop notifications to get the news sent straight to you . And it was up to me to stop it! Taking responsibility for how people treat me gave me the power to change my whole life.

Without it as a foundation nothing else here or in any personal development book really works. When you don’t take responsibility for your life you give away your personal power. So how do you take responsibility ?

Take responsibility for your super

It is concerning that many of the problems identified by the new report are the same ones that arose in the 2014 Financial System Inquiry, the 2015 Cooper Review, and in the evidence to the Financial Services Royal Commission.

Most of these issues raised have been part of the discussion for the past decade. The fact that they are still on the table shows a level of inertia in the system, and a reluctance by the industry to address its problems.

So how can we, as individuals, protect our retirement nest egg? The key is to engage with the superannuation system, and not just as we approach retirement.

Compare your super fund’s fees and returns with those of the best performing funds, and then choose accordingly. Reduce your fees and insurance premiums by consolidating your accounts, and make sure that any insurance in the fund meets your needs.

The difference at retirement is worth it – up to A$407,000 for a 21-year-old by the time they finish their career.

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