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Retirees exhaust their retirement savings at a much faster rate than is generally believed, with 80 per cent of those over the age of 60 who died between 2014 and 2018 having no super left for up to four years before their death.
That Australians do not spend their super in retirement, and supposedly have more super and other financial assets when they die than when they retired, has become a trope in narratives about the strengths and weaknesses of the Australian superannuation system.
Aggressive stimulus and labor market tightening mean higher inflation risk KEY INSIGHTS • The consensus view sees inflation peaking around April or May and then remaining weak. • We think this misses the magnitude of the likely rise in prices from aggressive stimulus, rapid labor market tightening, and past underinvestment in commodities.
For many years there has been considerable media debate about the fairness (or otherwise) of the superannuation tax concessions and the apparent advantage they provide to high income earners.
2020 was a year of immense change with the effects of the global pandemic and widespread lockdowns felt on a global scale: jobs were lost, incomes were affected, and company profits were slashed.
Lifetime annuities provide a simple solution for retirees seeking income for as long as they live. The annuity income is income for life. Historically, Australian retirees have not been large users of annuities. Historically
The main changes are a slight increase in the amount of the pension, which also leads to an increase in the cut-off points for both the assets test and the income test to qualify for it. The maximum pension for a single person is now $952.70 a fortnight and, for a couple, $718.10 a fortnight each.
Retirees exhaust their retirement savings at a much faster rate than is generally believed, with 80 per cent of those over the age of 60 who died between 2014 and 2018 having no super left for up to four years before their death.
With investors worrying about the impact of inflation on their portfolios, MFS Investment Management has analysed how various equity factors performed during past inflationary periods.
SMSF members looking to retain control over how their death benefits are handled by a beneficiary would be better served directing the benefits out of the fund and having them handled under their will, an SMSF lawyer has recommended.
Sometimes saving for retirement is the easy part, it’s how to manage risks when one approaches or enters retirement that can be tricky. There are four key risks in retirement – sequencing of returns, lower-than-expected returns, longevity risk and knowing how much a retiree can spend without falling short.
One million dollars in your superannuation fund. The task seems daunting, but the dirty little secret is it's an achievable goal. You don't need a massive salary or savings rate to get there. You need the magic of compound interest.
From July 2022, superannuation funds will be required to have a retirement income strategy that, among other things, manages inflation risk for retired members. There are two aspects to this. One involves a strategy to manage expected inflation and the other is to manage the adverse impacts of an unexpected increase in inflation.
Confusion about how much in savings and superannuation is really needed to sustain a long period in retirement means many people are unnecessarily anxious and not making the most of their money, research has found.
I am aged 65, separated, and own a two-bedroom villa in an over-55s lifestyle village. I have not worked for 10 years for medical reasons and have a Low Income Health Care card. I receive $600 a fortnight Public Sector Superannuation (PSS) scheme pension and have $106,000 accumulated in a Public Sector Superannuation accumulation plan (PSSap) fund plus $25,000 in a Platinum trust fund. I have been dabbling in shares and built up a portfolio valued at $260,000, paying about $4000 in dividends each year, with a capital gain of $106,000. I find it increasingly difficult to live on the PSS pension. In 16 months’ time, would I qualify for at least a part age pension?
New research uncovering retirement trends has revealed two-thirds of Australians aged over 40 feel prepared for retirement, while the proportion of pre-retirees concerned about extra money during this phase has returned to pre-pandemic levels.
Traditional portfolio investment approaches for superannuation may fail to meet the needs of retiree clients, a retirement investment expert has warned. Pointing out the bulk of superannuation assets in Australia now sit with people aged over fifty, Fidelity International head of client solutions and retirement Richard Dinham said financial advisers had to ensure traditional portfolio construction approaches evolved to meet this demographics’ financial needs. “In Australia, the retiree client group is growing in size and it is essential that financial advisers have the right tools and resources to meet their particular needs,” Dinham said.
Investors with long memories – or a good education – will recall the bad old days when inflation was the economic bogeyman. It broke Germany’s Weimar Republic in the 1930s and nearly cratered America’s economy in the 1970s
“Most advice around retirement involves some level of planning for the future. We see just how dependent forecasted retirements are on the time frames assumed. It can make a material difference to the strategy and advice you might provide,” Dunn said during a recent Accurium webinar.
Despite the negative sentiment towards baby boomers and their fortunate position in life – unlike younger generations – the majority retiring now will have only relatively modest super balances. This is due to the fact that the superannuation guarantee (SG) was introduced at only 3 per cent in 1992 and did not reach 9 per cent until 2012. Most retirees have not contributed at higher levels throughout their working lives
In recent decades, the average number of members in a self-managed super fund has held remarkably consistent at two members. So the sudden death or incapacity of a member can throw well-laid SMSF plans into chaos. Rather than focusing on the rules after you die , let’s examine what to do before you die.
For individual Australians, a reasonable standard of living in retirement can only be achieved with appropriate accumulation and decumulation solutions. As the Baby Boomer generation continues its transition into retirement and life expectancies rise, we must be open-minded to ensure we have the retirement solutions to meet retiree goals right to the end of their days.
The decision temporarily to halve the minimum drawdown rates (introduced as a COVID-19 measure to stop retirees depleting their savings during volatile markets) for account-based pensions has created a windfall for the rich, say financial advisers.
Getting the right financial advice can deliver more than just better investment outcomes. It can result in increased peace of mind heading into retirement, lower stress in a relationship or even higher happiness levels.
Demographers, economists and policy makers are increasingly concerned about the ageing population and increasing number of people aged over 45 who will start to transition into retirement over the next 20 years.
All working Australians are accumulating super throughout their careers, hoping to build to a tidy nest egg. But should you pass away before accessing the money, who is eligible to receive it?
When you pass away, it is important to ensure your loved ones are not left with a financial and legal headache. With specialised forward planning, you can leave your family in a much better position to manage your estate and ensure that your wealth is passed to your beneficiaries in the best possible way. This can bring great peace of mind.