IT – One third will not achieve retirement income goals, ASIC – a third of financial plans deemed inadequate

Retirement Planning income goals financial plans

Retirement Planning Goals

New research from Investment Trends (IT) reveals that financial planners believe about a third of clients will not achieve their retirement income goals. But it has also found that pre-retirees who use a planner’s services are more likely to feel they are on track to meet their targets. The IT survey, of 1027 planners, comes a day after the Australian Securities and Investments Commission (ASIC) revealed the full findings of its retirement planning shadow shopping exercise, in which it outlined why more than a third of financial plans reviewed were deemed “inadequate”. The Investment Trends survey of planners is consistent with surveys it has conducted of investors themselves. In its last investor survey, 28 per cent of respondents said they thought they would fall short of their retirement targets. 29 March 2012 | Simon Hoyle, Professional Planner
Financial Standard reports that only two-thirds of pre-retiree adviser clients are on track to meet their retirement goals, according to a survey of over 1,000 financial planners. The Investment Trends December 2011 Retirement Planner Report surveyed 1,027 financial planners in December 2011, assessing how Australian financial planners service clients in different life stages and their product needs. The report found that planners anticipated 33% of their clients aged under 75 will be dependent on the Age Pension for more than half of their income when they retire, growing to 54% by the time they are aged between 84-95. 29 March 2012 | Elise Burgess, Financial Standard


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