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Fun Factor

What's your super IQ?

Fill in every question below

1 Experts have calculated that couples need about $48,000 per year to enjoy a comfortably affluent retirement. How much do you think a couple needs to have saved to provide an annual income of $48,000 for 20 years?1
$550,000
$628,000
$960,000

Correct!
Incorrect: The correct answer is $628,000. This figure is calculated based on a couple and does not take into account any tax payable or age pension.
   
2 Experts have also calculated the average superannuation account balances for both men and women. The most recent figures indicate that the average account balance for men is $56,400. What do you think the average account balance is for women?2
$24,000
$35,000
$40,000
Correct!
Incorrect: The correct answer is $24,000. On average, women have lower levels of superannuation savings than men. This is because women are more likely to take a career break in order to raise a family or care for a family member. Research suggests women spend 20 years less on average in the workforce than men.
   
3

What is the limit for concessional (before-tax) contributions? This was discussed in our feature article, Get ready to pace yourself.
$5,000 per year
$15,000 per year
$50,000 per year

Correct!
Incorrect: The correct answer is $50,000. This limit became effective from 1 July 2007.
   
4 Investment earnings in super are taxed at lower rates than most other investments. Generally, what rate applies to super?
Less than 15%
15%
30%
Correct!
Incorrect: The correct answer is less than 15% The maximum rate is 15%, but generally the actual rate is lower as super funds are able to offset the tax payable with tax credits, such as imputation credits received from investing in Australian shares.

   
5 At what age can you take your super tax-free? This was discussed in our feature article, Get ready to pace yourself.
55
60
65
Correct!
Incorrect: The correct answer is 60. Changes introduced on 1 July 2007 mean you will no longer pay any tax when you take your super either as a lump sum or pension after age 60.
 

And now a little bit about you

1 What is your age?
18-25
26-35
36-45
46-60
61+
   
2 Do you log on to Russell SuperSolution to check your account balance, see your super contributions, and where your super is invested?
No Never
I have once
I regularly log on to SuperSolution
   
3 Have you provided your Tax File Number to Russell SuperSolution?
Yes
No
 

1 Source: Westpac ASFA Retirement Standard 2007. Calculations are based on a couple and do not take into account any tax payable or age pension.

2 Source: ASFA Research June 2007.






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Achieve is issued by Russell Investment Management Limited (‘RIM’), ABN 53 068 338 974, AFSL 247185. Achieve provides general information only and does not have regard to your objectives, financial situation or needs. Before making an investment decision, you need to consider whether this information is appropriate to your objectives, financial situation and needs. The information has been compiled from sources considered to be reliable, but is not guaranteed. Past performance is not a reliable indicator of future performance. Total Risk Management Pty Limited ABN 62 008 644 353, AFSL 238790, RSE L0000260 (‘TRM’) is the trustee of the Russell SuperSolution Master Trust (‘Russell SuperSolution’) and the issuer of the Product Disclosure Statement (‘PDS’) for Russell SuperSolution. Any potential investor should consider the latest PDS in deciding whether to acquire, or to continue to hold, an investment in Russell SuperSolution. The PDS is currently available by visiting www.russell.com.au or by phoning 1800 555 667. RIM and TRM are part of the Russell Investment Group (‘Russell’). Russell or its associates, officers or employees may have interests in the financial products referred to in this magazine by acting in various roles including broker or adviser, and may receive fees, brokerage or commissions for acting in these capacities. In addition, Russell or its associates, officers or employees may buy or sell the financial products as principal or agent. You may contact Russell on (02) 9229 5111. RUSSELL ‘SUPER IQ’ PROMOTION – TERMS & CONDITIONS, 1. Information on how to enter and prizes forms part of these conditions of entry. Entry into the competition constitutes acceptance of these terms and conditions. 2. The Promoter is Russell Investment Management Ltd (ABN 53 068 338 974) of Level 17, 19-29 Martin Place, Sydney NSW 2000. 3. Entry is open to Australian residents who are over the age of 18 and who are members of Russell SuperSolution during the promotion period and at the time of the draw. Employees of the Promoter (and their immediate families) and its agencies associated with this promotion are ineligible to enter. 4. The promotion commences at 5.00pm on 12 September 2007 and closes at 5.00pm on 12 November 2007 (“Promotion Period”). 5. To enter the promotion, entrants must complete and submit the Super IQ online quiz at www.russell.com.au/achieve/superIQ to be eligible for the competition. On completion of the quiz, they must then complete and submit the online entry form to enter the competition. There is a limit of one entry per person. 6. The draw will take place at 2pm on 16 November 2007 at 15 Grosvenor Street, Neutral Bay NSW 2089. The results of the draw are final and no correspondence will be entered into. The winners will be notified in writing, and their names will be published in The Australian newspaper on 23 November 2007. 7. There will be one draw and five prize winers. The first five eligible entries drawn from all entries received will win a $1,000 contribution to the winner’s superanuation account. The maximum retail value of each prize is $1,000. Total prizepool value is $5,000. 8. Authorised under NSW Permit No. LTPS/07/24410, ACT TP07/03366 & SA Licence No. T07/3537. 9. The complete set of the Terms & Conditions Russell ‘Super IQ’ Promotion can be found at www.russell.com/achieve/superIQ/terms. Entry is conditional upon reading and accepting these Terms & Conditions. SS_Achieve_0708

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