Retirement Income Review

More people are permanently leaving the workforce with larger balances and healthy lifestyles. It should be a recipe for a happy and secure retirement, but research shows many are stressed by a retirement income system they simply don’t understand.

Peoples’ notion of how they will fund their retirement habitually downplays the role of social security. Reflecting a lack of understanding about how the different income streams interact, it behoves superannuation funds to better educate their members.

Higher rates and the cost of living, on top of global events, have contributed to increased Fear Of Running Out across the country. Yet the level of concern may be relatively unfounded, AMP reports.

The Grattan Institute has released its submission to the government’s retirement incomes review, a review called in anticipation of five annual increases in compulsory superannuation contributions, scheduled to begin in July 2021.

Asked to conduct an independent review of Australia’s retirement income system, the panel appointed by treasurer Josh Frydenberg reported on Friday that it was all tied up with the family home.