W hen I was growing up, most of the people I knew believed that if they worked hard, they would have

two entitlements: they could own their own home and they’d be able to retire comfortably. This meant busting a gut to pay-off a mortgage and put savings in the bank.

Times have moved on since I was a kid in the western suburbs of Sydney, but most Australians assume that a house, a family and a retirement will be part of their lives at some point. However, our population has an ever-expanding proportion of retirees who can no longer be supported solely by the government. In the past, there have been six tax-paying workers for every retiree. Today there are only five working people per retiree and by 2030 there will be less than three.

In 1992 the government recognised this problem and set in motion a long-term change where the government now provides only a ‘safety net’ subsistence retirement income - the age pension - and the bulk of retirement income will have to be saved by individuals during their working lives.

This means that we have to build our own nest egg and it has to last us for around 20 years of retirement, thanks to our increasing life expectancies.

Doing this right means putting money into super every month throughout your working lives, and making other investments such as owning a home. There are right and wrong ways to build a nest egg for retirement, but the most important thing is to start today, when you’re young and have the capacity to earn. Starting early is the key; it will give you the best chance at achieving the future that you envision.

In this booklet I will cover the basic issues of saving well for a comfortable retirement. I’ll lend some insights into how the retirement income system works, provide a few tips and traps to consider, and suggest some options that are not always publicised. Most of all, I hope to show you that superannuation is a valuable asset that you own. It is your money, it is your savings for your retirement, and simple decisions now will put more in your pocket with little effort.

Good luck.

Regards,

Mark Bouris Executive Chairman, Yellow Brick Road

WHY THIS GUIDE?

1

S uperannuation is a tax-concessional legal structure through which you invest for a single purpose - your retirement. Super is your money, designed specifically for your retirement. There are benefits of superannuation, including many tax

incentives that allow your savings to grow, and there are drawbacks, like not being able to take it out until you reach a certain age. But you should be clear that your super can invest in pretty much anything that you would invest in outside of super.

1. Superannuation is NOT an ‘investment’. It’s a tax structure with rules attached. It holds money aside for your retirement, and allows you to put your savings into investments.

2. You carry the responsibility of managing the risks associated with growing your nest egg. You also have control over what your money is actually invested in. These choices can, and should, change over time.

3. The system is built upon the Three Pillars: 1, investments and assets such as your home; 2, your current superannuation savings; 3, the age pension for those who fall short in their savings and assets.

4. A big battle for a share of super is currently in full swing between the organisations who run super funds, including banks, unions and governments. Therefore a lot of clever marketing is flooding the media which can sometimes be confusing for the public.

5. There are hundreds of choices of funds and thousands of investment options, allowing you to match your investments to your goals.

6. Your super is not an additional benefit provided by your employer. It’s actually a portion of your hard earned wages. Value it as much as you value the money in your savings account. It’s your bloody money!

Clearly, if you are going to retire the right way, a few things about the system are worth knowing:

WHAT IS SUPER REALLY?

WHAT YOU HAVE TO KNOW

Tip! If you’re in a superannuation fund, you could be paying for advice and not even realise that you have access to it. Take a look at your super statement to see if this is the case.

2

THE HISTORY OF SUPER

The Superannuation Guarantee is introduced, requiring employers to contribute 3% to super funds, increasing to 9% in a decade.

Super assets reach $546 billion as 90% of employed persons have employer-provided super.

A review led by Treasury recommends Superannuation Guarantee raised to 12% between 2013-14 and 2019-20.

Limited access to super before retirement becomes possible if a member is in severe financial hardship.

Government announces plans to exempt tax on super payouts for those aged over 60.

Super assets reach $484.2 billion with 87% of employed persons covered by super.

Temporary residents’ super benefits become required by law to be paid to the ATO if not claimed within 6 months of departing Australia

The super pool reaches $183 billion.

Laws amended to allow self-managed super funds.

The super pool passes $1 trillion.

Super contribution rules simplified to allow a super fund to accept contribution from an unemployed person aged under 65.

Super assets reach $519 billion or 66% of the Gross Domestic Product (GDP).

The limit on concessional contributions (formally known as tax-deductible contributions) is reduced from $50,000 a year to $25,000 a year.

Government announces increased taxes on super contributions to 30% by people earning more than $300,000 a year.

BACK THEN

NOW

From 1 July 2013, the Superannuation Guarantee increases to 9.25%. Benefits for low income earners and employees over 70 announced. My Super introduced.

3

W hen it comes to superannuation, time is money. If you start saving early, you will build more retirement savings. It’s the power of compounding interest! Take a look at the graph below. As you can see, a person who starts saving

at 25 will be much better off than a person who starts saving later.

Starting early also allows you to ride out market dips and financial storms without long-term damage to your nest egg. Time allows you the freedom to invest in more volatile but generally higher-earning assets.

Time also enables you to fully harness a clever savings strategy called ‘dollar cost averaging’. This strategy - used by professional investors - gives you a lower overall cost for shares purchased over a long time frame, by investing equal amounts regularly.

THE POWER OF TIME

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$1,500,000

$1,250,000

$1,000,000

$500,000

$250,000

$100,000

25

AGE OF INVESTORINITIAL DEPOSIT $5,000

INVESTMENT OF $5,000 PER YEAR AT 8% P.A.

30 35 40 45 50 55 60 65

$1,403,905

$616,729

$252,115

$83,227

W hen starting a job, you’re asked for the name of your super fund. You either give one, or

the employer will nominate one. This is where a part of your wages are sent via the Superannuation Guarantee, or SG.

Because employers often choose the super fund for their employees, people tend to change super funds when they change jobs. This means we can have multiple super funds, three per person on average. Having multiple super funds means you are paying multiple sets of fees, but it also makes it hard to keep track of your super savings.

According to the Australian Taxation Office, there are 3.4 million lost super accounts in Australia that have a combined balance of $17.7 billion. So there is a good chance that you might have some lost super out there yourself. The ATO has a tool called SuperSeeker, which will allow you to search for your lost super online just by entering your tax file number.

SUPER – WHO HAS IT?

Tip! Many funds will go out and find all of the super contributions you’ve made over your working life, and they’ll do it for free. So, if you find a fund you like, make sure you take up this offer.

5

LOST SUPER

Self managed superannuation funds (SMSF) have a maximum of four members. These funds are regulated by the ATO. There is a lot more hands-on involvement and skill required in running an SMSF and experts recommend that you have to have around $250,000 or more to make it worth your while. Although complex, SMSFs are very popular with business owners and professionals who want to control their investment decisions. They hold around one third of total superannuation funds under management.

The biggest variety and the most complete service offerings are generally through funds operated by the major banks and AMP (they own BT, MLC, OnePath and Colonial). Retail super funds generally offer the best in flexibility, options, reporting and service, and those features generally come with a higher cost. Banks hold over 70% of all retail super funds savings.

Also called union funds, they hold the second largest amount of superannuation savings after the banks. Industry funds are controlled mainly by unions that oversee certain industries, but most can be accessed by anyone. Industry funds typically offer fewer investment options than retail funds.

UNDERSTANDING THE FUNDS

INDUSTRYRETAIL

SMSFTip! Beware of clever advertising. Make calculations specific to your super, rather than relying on averages that are used in commercials. Never make an investment decision from what you see in the media.

Tip! There is much hype and vested interest from accountants and property spruikers around the SMSF offering. Proceed with caution - it’s not a solution for everyone.

6

There are different types of funds out there that can benefit you depending on what you do for a living and what you’re looking to achieve.

If you have been or are a government employee, you might currently still have your savings in a public sector fund. These funds are not open to the public and are usually ‘defined benefit’ funds, meaning that taxpayers guarantee a defined pay-out or pension. These pensions are usually much higher than an equivalent amount of lump sum superannuation could generate. So get expert advice before ever giving up this generous type of super benefit.

Corporate funds are run by large corporations for their employees. They are not open to the public. They are really just a tailored version of retail funds and often have lower fees. For this and all other fund types, except defined benefit funds, you the member carry the investment risk.

CORPORATEDEFINED BENEFIT

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Your super fund will look to invest your money across a broad range of:

• Investment types (cash, bonds, shares, specialist investments, property, etc.)

• Geographical regions (Australia, Asia, Europe, the U.S., etc.)

• Economic sectors (resources, smaller companies, industrials, etc.)

They do this to help you manage the risk of investing and to suit a range of investors. Each fund chooses how they will go about investing in these areas.

Fund managers typically package the above components into simple choices called blended or diversified funds. Usually they are known as growth, balanced and conservative funds.

EXPLORING YOUR INVESTMENT OPTIONS

Conservative funds are the opposite of growth, and typically have 60-70% in bonds and cash, with the balance in property and shares. They are designed to outperform inflation for very little risk or volatility.

CONSERVATIVERetail funds and SMSF funds generally provide a choice to invest in specific asset sectors (such as shares or international) and with nominated fund managers. You can also invest directly in shares and term deposits, although very few industry funds offer this.

CHOOSE YOUR OWN

GROWTHGrowth funds have up to 80% invested in shares and property, with around 20% in assets such as cash and bonds. Over time they tend to produce higher returns, but are generally more volatile.

BALANCEDBalanced funds are still high in growth assets (60-70% shares and property) but with more income assets (40% ). Over time they produce moderate returns with moderate volatility.

Tip! When informing yourself about superannuation investments, deal only with websites that quote their AFSL number on the home page. Holders of an Australian Financial Services License cannot make inaccurate or unsubstantiated claims.

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P erformance is crucial as it makes your money grow, and it’s important that your money

grows in excess of the rate of inflation over long periods of time. Because super grows your money over several decades, small differences in the performance of your fund can make a large difference to your balance.

Let’s look at an example; David is 35 years old and has $50,000 in savings. Over the next 30 years, he contributes $4800 annually at 5% p.a. By the time, he’s 65, he has a projected savings value of $535,004. If he was to earn 6% p.a. on the investment, he’d have approximately $666,654 in savings by the time he’s 65. Those small differences can add up to big balances in the long term - $131,650 in this case. So how you invest matters!

WHAT ABOUT PERFORMANCE?

THE GOLDEN RULES OF INVESTING

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Don’t buy at peaks and sell at troughs, and don’t base long-term decisions on current performance.

When comparing fund performance, look at the one, three and five year returns of each.

It’s not timing the market but time in the market that counts.

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

YEARS

$535,004

$666,654

SAVINGS INVESTED AT 5% P.A.SAVINGS INVESTED AT 6% P.A.

INVESTMENT OF $5,000 A YEAR FOR TEN YEARS

After just one year, lets look at the result.The graph below highlights two typical investors. Ben and Lisa each contribute $500 per month (roughly what the average person today is contributing from their wages) into their super fund. The value of the investment that their funds are both purchasing are exactly the same in the first month.Ben prefers a conservative fund whose price usually moves gradually upward. However, Lisa is in a growth fund and has learned to accept price fluctuations in her super fund, knowing she has plenty of time.After 12 months, the price of their investments are the same, yet Lisa’s super fund is now worth $2,394 more! Imagine how big this difference is over 20 or 30 years.Lisa ends up with a better result, just by harnessing the power of volatility.

T ry not to confuse volatility with risk. Knowing the difference, and understanding how it impacts

your super, is important. Many assume that smooth returns produce a better long-term result and they believe they are being wise by staying with investments that aren’t volatile. Wrong!

Growth assets usually have prices that fluctuate often, and these assets are often considered volatile. In growth assets managed by quality investment managers, the rises in price occur more often than the falls, and the value of these rises are usually greater than the value of decreases. Arithmetically this means the long-term trend is up!

If you contribute a fixed amount of cash to your super fund monthly, you take advantage of the rising value over time rather than trying to pick winners.

10

$45

$43

$41

$39

$37

$35

$33

$31

$29

$27

$25

$23

$21

$19

$17

$151

CONTRIBUTION $500 MONTHLY

LISA’S SUPERFUND VALUE

BEN’S SUPER FUND VALUE

UNTI

/SHA

RE P

RICE

2 3 4 5 6 7 8 9 10 11 12

$6,735

$9,129

WHAT DOES MY SUPER COST ME?

The Management Expense Ratio (MER) is an annual calculation which determines the cost of investing in a fund.

Here is an example of how the MER can change a superannuation balance. Say you are 30 years old and retire at 65. You earn $70,000 per annum and you have an initial super blance of $50,000. You get the standard 9.25% SG Contribution and we assume a 5% return on your investment. When you compare your fees at 2% versus 1%, the difference to your super balance is over $47,000 for the 35 year period!

Source: ASIC Management Super Calculator

MANAGEMENT EXPENSE RATIO

W hen trying to grow your savings over the long term, fees and costs make a considerable difference to how much you have to enjoy later in life. All funds charge fees to cover a broad number of expenses, but not all funds have all

fees. Let’s look at a few:

Tip! Sometimes fees are expressed as ‘basis points’ or ‘bps’. If a fund manager refers to ‘100 basis points’, they mean 1%.

Administration Fee

Also known as a management fee, this is charged by your fund to manage your account (statements, audits and taxes). This is the monthly percentage they subtract from your account balance. Mostly, funds have a tiered fee structure, meaning you will be charged a percentage based on how much you have invested. For most super funds, an administration fee of between 0.3% and 2% is common. The higher your super balance, the lower percentage of fee.

Investment Management Fee

A charge that applies for investing your money (0.25% to 1.5% is common). Generally, investing in growth assets is more expensive than investing in cash and bonds.

Membership Fee

Usually charged weekly, it varies from $1 to $5 per week. It can also be the minimum amount that a fund charges for the ‘administration fee’. In some industry funds the membership fee replaces the administration fee.

Contribution Fee

Usually charged for contributions to your account, payable to the fund or your adviser.

Exit or processing fees

Sometimes charged for leaving a super fund or splitting up the fund in the case of a divorce. It can also be charged for changing an investment choice. This is normally a small, set fee per transaction.

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GOALS & STRATEGIES - HOW MUCH IS ENOUGH?

Tip! Consider the lump sum expenses you are likely to have in retirement: car purchases, house maintenance, holidays, financial assistance for your children and grandchildren, etc. Remember, health care costs will rise as you age.

12

Through the SG, Australians have saved over $1.5 trillion, yet sadly, more than 85% of Australians still

don’t have enough saved for a decent retirement. This problem is called underfunding or the ‘savings gap’.

Men on average are about 30% underfunded and women are at least 50% short of funding their desired standard of living in retirement. Your goal with super is to have a balance large enough to fund your lifestyle for your life expectancy. You want to retire right.

My first suggestion is to start setting goals, which includes figuring out the lump sum you need and the age at which you want to retire. Your lump sum is important - but don’t forget to define what kind of lifestyle you really want, because you could be committing to it for 20 or 30 years. Think also about your retirement age: do you want to keep working part time? Will you continue to have dependents in your retirement? This will make a difference in the amount of savings you need. Keep making and refining your goals. Get it right.

Lump sum

Start with a piece of paper and a calculator. Take your average before tax weekly earnings, times it by 70%, and see what it says. If you earn $1,000 a week, it will be $700. If you earn $2,000 per week, it will be $1,400, etc. Now, convert this into an annual amount, and assume that your savings in retirement will earn no more than 5% per year. So, in order to pay yourself $35,000 per year, you will need capital of $700,000. In order to pay yourself $70,000 a year - assuming you’re earning 5% - you will need capital of $1.4 million. And so on.

This 70% test is the basic ‘income replacement’ ratio that the superannuation system was predicated upon. Some advisers will tell you that 70% is high, and you could aim for 50% or 60% if you are a couple (put your average wages together and multiply by 50-60%).

Considerations

Along with setting your lump sum goals based on a 70% income replacement rate, you should also be doing everything you can to secure debt-free housing in retirement. You can pay yourself a lower replacement rate of income only if you are carrying fewer overheads in retirement, and for most people this means having no mortgage, no business debt and no credit cards. If you are going into retirement with a mortgage or rent, your nest egg will need to increase.

GOALS & STRATEGIES - HOW MUCH IS ENOUGH? Tip! Never rely on the sale of your house or business to fund your retirement. Most of us can’t predict the market and if you wrongly forecast the value of your house or business, you may not have enough.

Tip! Many people have their money placed in their super fund every quarter by their employer. You need your superannuation guarantee payment going in whenever you get paid, at the very least, once per month.

13

Don’t forget to also factor in additional “lump sum” purchases that you’ll need in your retirement. Do you have children who live far away that you would like to visit regularly? What about the general maintenance for your home and vehicles? Unexpected health care costs can really add up too. If you know that you’ll have large expenses in your retirement, it’s best to factor them in now so you can work out how to fund them.

Understand the compound effect

Having established your goals, you then have to reach them. You should start by understanding the concept of compounding returns and consistency of contribution.

Look at this example of how compounding interest works: if you put $1,000 into a fund that returns 10%, after one year you earn $100 and have $1,100. Now, if you reinvest the entire amount - principle plus interest - your next return is not $100, it’s $110, which gives you $1,210 all up. If you keep reinvesting, you double your money in seven years.

This is the crux of the compound effect: by reinvesting the interest you earn, you grow your returns by growing your principle amount. This is why people who have a regular savings plan from a young age always do better than those who start later.

Working to be debt free

Retiring rent and debt free is a huge advantage and I suggest that you seriously look at paying down your debt on your own home as quickly as possible, and never hold credit card debt! There are many benefits in paying down your home loan as well as the emotional freedom that comes with it.

Insurance

Life insurance can guarantee the retirement of your partner if something happens between today and when you are ready to stop working. Life insurance can be paid from your super nest egg, at a tax-friendly rate. There are many ways to calculate your life insurance needs and ways to pay for it. Not all products or costs are the same, so seek good advice.

THE STATS!

According to SuperGuide, for a 65 year old, the average lump sum necessary for a “comfortable” retirement (assuming a 5% investment return during retirement) is a minimum of $770,000 for a single person and $1.05 million for a couple.

According to the Association of Super Funds of Australia (ASFA), a ‘modest’ retirement will cost a single person $22,585 and will cost a couple $32,555. A ‘comfortable’ retirement will cost a single person $41,186 and will cost a couple $56,339.

According to the Australian Bureau of Statistics (ABS), the median superannuation balance for a 55-64 year old male was $91,353 and for a female of the same age it was $54,987.

According to the ABS, for the average 35-44 year old male, the median superannuation balance is $40,999 and the median balance for a female is $22,601.

According to the Australian Government Department of Human Services, living on the Age Pension will allow a single person a maximum of $733.70 per fortnight, or $19,076.20 per year. It gives a couple $1,106.20 per fortnight or $28,761.20 per year.

According to the Australian Institute of Health and Welfare, Australia has the joint fourth highest life expectancy in the world for males at 79, and the third highest life expectancy for females at 84.

According to the ABS, over two million Australians rely on the Age Pension as their main source of household income.

According to SuperGuide, the average 65 year old male can expect to live another 19 years, whilst the average female can expect to live another 22 years.

1. Have I figured out when I’d like to retire?

2. Do I actually know how much income I’ll need in retirement?

3. Do I know if my current savings and superannuation plan will get me there?

4. Do I know what kind of retirement I want?

5. Do I plan on retiring similarly to how I live today, do I plan on downsizing and living more modestly, or am I planning on using retirement to live my dream?

6. How much do I currently have in my superannuation, savings and other assets?

7. Do I know where my super is today? Do I know what it’s investing in and how it’s performing?

8. Am I willing to take action today to improve my retirement outlook?

9. Do I know what changes I can make to better my situation for the future?

10. Do I know who I can and should talk to for help?

All working Australians generally have superannuation contributed to their account at a mandated level of 9.25% of wages, rising to 12% by 1 July 2019. For millions of small business owners, freelancers, consultants and part time workers, they have to make their own contributions (also with significant tax concessions).

Additional Contributions

In addition to the mandatory savings requirements, there are other ways you can contribute to super:

• Spousal contribution: When one spouse earns more than the other, income splitting allows you to balance your retirement savings between both partners and pay lower taxes on those contributions.

• Government co-contribution: If you’re a lower to middle income earner, the government may make additional contributions up to a maximum. Unbelievably, this offer is rarely taken up!

• Employer co-contributions: Some large employers will match any additional super contributions that you make.

• Deductible contributions: If you’re self-employed, you are allowed generous tax deductions for superannuation contributions.

• Salary sacrifice: When you forgo some of your wages or bonuses before any income tax is deducted, and instead contribute them directly to your super.

• Personal contributions: These are the contributions you make personally out of your bank account, over and above your SG contribution.

• Small business roll-overs: If you own a business, you will receive considerable tax concessions if you put the proceeds of a business sale into your super.

Getting advice

Retirement planning isn’t easy, and there are many financial, investment and taxation elements to consider if you want to retire right. Often the best way to navigate through super is with some help from a qualified professional. They will help to put your goals and dreams into a strategy that will enable you to live the way you want to. They will also help you to adjust things along the way as the world around you changes.

A proper financial plan will usually cost between $1000 and $3000. An ongoing fee will also be payable each year to help keep you and your money on track. These fees may be tax deductible so ask your adviser how this can work. Advisers can also organise insurances and find the best funds to manage your super.

By law, a financial planner can only charge a fee for their time or their service, based on an agreed dollar amount or percentage (except for insurance, which can pay a commission to the adviser). In all cases this must be clearly disclosed to you.

Remember, to retire right is not a set and forget situation. It’s a long-term commitment and advisers will be helpful in constantly managing and adapting your plan.

HOW CAN I GET MORE INTO SUPER?

14

Planning ahead

Most of the discussion around super is about what we call ‘accumulation’, which is the size and regularity of contributions into your super fund, and the investment decisions you make to help it grow.

However, there are two elements of super that retirement savers should also bear in mind - living in retirement and managing risk.

Living in retirement

There comes a time when you stop saving for retirement and start drawing your income from that savings. This is called Transition To Retirement (TTR).

It’s different for everyone and there are rules about when you can retire, when you can claim your super, to what extent you can claim the age pension and what tax rates will apply to you. Obviously, such transitions can be complex when you have a business to unravel or properties you want to sell prior to retirement. You also have to decide where you will live, what your cost overheads will be and how you want to spend your super and other investments.

Things change in transition. For instance, you will probably no longer have mortgage or credit card debt, you may not need life insurance, and your work-related clothing and travel costs will cease. These transitions involve planning ahead and should not be made on the spot.

Remember, when it comes to living in retirement, the happy and successful retirees are the ones who spent some time thinking about their desired lifestyle, and who plan ahead to achieve it.

Managing risk

Accidents happen, and they can never be planned for, which is why everyone should have basic risk management strategies around their income, especially self-employed people and business owners.

Life insurance is vital because it will protect your loved ones financially in the event that you pass away. Income protection insurance provides subsidised income if you are unable to work. Total and permanent disability insurance (TPD) along with trauma insurance, can pay you a lump sum if you are permanently injured and can no longer earn an income.

If you’re a business owner you should also investigate insurances that ensure your employees are paid if you are injured or if you die suddenly.

Whether you source these insurances through your super fund or through an insurance broker or adviser, your retirement strategy should include a risk management element.

15

Tip! You have to think ahead to retire right!

R etirement seems so remote to Australians in their 30’s and 40’s that saving for it goes to the

bottom of the priority list. However, when you think that your working life will last around 40 years, and retirement could last up to 30 years, the idea of life without work is a fairly predictable reality. So it’s lucky that we have a legal requirement to put a percentage of our earnings towards our retirement.

As it stands, the SG will not be enough to fund the kind of lifestyle that most people have today, let alone a lifestyle where you may want to do more.

We need to save more to reach the recommended 70% replacement of income in retirement (less for couples), and we also have to ensure that we have debt free housing to live in, and that we have managed our risk along the way with insurance.

I advise young Australians to set themselves a goal and then develop a plan to achieve that goal, whether that’s through a financial adviser or by doing it yourself. What you do need is a commitment to get it right. Some of the tips and insights I’ve given in this booklet might give you an edge, but it will all come back to you and the commitment you’re able to give to your future goals.

Remember, the best investment strategy is regular contributions over the long term, and the best retirement plans start with a firm idea of how you want to live.

Your super is your money. It’s your savings for the future and what you do with it today will have a huge impact on how you live tomorrow. So set a goal, have a plan and start working to retire right today!

FINAL THOUGHTS

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ybr.com.au/retirement Superannuation and retirement calculators

superfuture.gov.au Superannuation laws and regulations

moneysmart.gov.au Superannuation and retirement tips and calculators

superannuation.asn.au The Association of Superannuation Funds of Australia

ato.gov.au Superannuation tax information

superratings.com.au Superannuation research and ratings

fpa.asn.au Financial Planning Association of Australia

superguide.com.au Independent superannuation information

HELPFUL LINKS

Tip! The following sites may help you select a super fund and adviser that’s right for you.

Disclaimer The information in this document has been prepared by Yellow Brick Road Holdings Limited ACN 119 436 083. It is general information only and is not intended to provide you with financial advice. The information has not been prepared taking into account your specific objectives, financial situation, or needs. All examples are illustrations only and results will vary as assumptions change. Before acting on any information in this document, you should consider its appropriateness to you, and seek independent financial advice. To the extent permitted by law, no liability is accepted for any loss or damage as a result of any reliance on this information. We have endeavoured to utilise facts, figures and statistics from independent third party organisations (e.g The Australian Bureau of Statistics and the Association of Superannuation Funds of Australia and the Australian Government Department of Human Services). Information is accurate at time of publication (July 2013).

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