We ended the year with somewhat higher net worth but retirement savings actually declined while non-retirement savings overtook retirement savings for the first time since the onset of the financial crisis. This trend will continue this year, I think. Maybe once I turn 50 I might increase retirement savings above the tax concessional level * as the money can be accessed from age 60.
This chart shows underlying story:
Persistent saving throughout the year in both types of accounts and persistent investment losses at a similar rate on both.
*$A25k a year for each of us can go in after 15% tax. Contributions above this rate are taxed at our marginal rates.
Why don't they always adds up?
ReplyDeleteFor example August 28 superannuation & medium term balance were 250,000 but grand total was below 500,000.
Why is that?
There's probably something wrong with my graph. I'll look into it. Thanks.
ReplyDeleteI edited this chart from one that spans more than a decade. And I edited it wrong so that the bottom two lines are a month out compared with the top line which is their sum...
ReplyDelete