On reflection I think $5M is more than sufficient to have in...

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    On reflection I think $5M is more than sufficient to have in Superannuation, that would be $10M for a couple.

    Superannuation was established to 1. Have a national savings system and help people fund part or all of their retirement.

    Some saw the immediate benefits of the Superannuation system and went all in on using its tax advantaged status as a wealth generation tool. which it was not intended for.

    I hope this gains traction in Parliament and actually gets up. I don't have $5M in super so does not impact me directly (yet).

    It probably should be Grandfathered though I believe.. Nothing irks me more then retrospective changes, you invest under one set f rules and then they get moved in the interim.

    Even though contribution limits have been changed it is still fairly easy for some to accrue high balances just with asset purchases into their funds. Housing 1 obvious example. Does not take too many Investment Properties in Melbourne or Sydney to put your balance over $5M in time.

    Changes I have seen so far since i have been in Superannuation are,

    You could access your Super at anytime if you took a Super Pension from it. This has been stopped.

    If you left the country permanently ie to retire overseas or go back home you could take your Super with you. Now it has to stay here until your Preservation Age.

    Changes to Contribution limits

    Transition to Retirement option could e started at aged 55, now it is 60

    Removal of the Reasonable Benefits limits and now the $1.7M Super cap for tax free amounts.

    Personally, I think if you have $5M in Super or more you should be allowed to retire if you want regardless if you have not reach preservation age yet and you want to retire.
 
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