Objective of Super Submission

Summary Types of retirement capital held by older people: 90% of respondents aged 50+ held savings in superannuation, with bank accounts at 51.3%. Practical benefits or risks of legislating an objective for superannuation: National Seniors Australia supports the idea but warns against being overly prescriptive. Superannuation plays a critical role in supporting consumption in later life. Maintaining control over capital: Older people value control over their capital and access to it. Mandating a rigid objective risks negative consequences. Access to capital for irregular costs: Access to capital is needed for irregular costs like medical expenses. Concerns about restricting access to retirement funds: Emphasis on linear retirement path may not fit all situations. Proposed objective should consider accumulation phase, not just drawdown phase. Proposed changes to objective: Emphasize providing income in retirement while also considering the importance of capital. Replace "dignified retirement" with "comfortable standard of living" in the objective. Government support should not be included in the objective.