$1 Trillion Shortfall in Australian Retirement Savings – Action Required

Shortfall in Australian Retirement Savings

$1 Trillion Shortfall in Australian Retirement Savings

New research has prompted the Financial Services Council (FSC) to call for longer working lives, to plug a massive retirement savings hole caused by people outliving life expectancies. Australians who live longer than current life expectancy will face an approximate $1 trillion shortfall in retirement savings, suggested research released yesterday by the FSC, prepared by Rice Warner Actuaries. It is the first time that the retirement shortfall caused by increasing life expectancies has been quantified, said FSC Chief Executive John Brogden. Ben Collins, Financial Standard READ MORE

The FSC’s Longevity Savings Gap Report models the shortfall in retirement savings for those working Australians who live into their 80s, 90s and beyond.

And Mike Taylor in reports that Australia is currently facing a $1 trillion retirement savings shortfall and it is something that needs to be urgently addressed by the Federal Government, according to the Financial Services Council (FSC). Releasing new research on the retirement savings gap this week ahead of a roundtable called by the Minister for Financial Services, Bill Shorten, FSC Chief Executive, John Brogden said that while lifting the Superannuation Guarantee to 12 per cent was helpful, it would not solve the gap for the current workforce. Money Management  READ MORE

Advertisements

About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit will SET UP your SMSF and provide investment education for a better result. We take care of all your administration, accounting, ATO lodgement and audit of SMSFs, working with you and your advisors. If you want advice we can arrange one of our recommended advisors and accountants to meet with you, as we do not give advice, but take instruction only. Take control of your super, including property shares and other assets. Learn how to be your own advisor - make better decisions - by being mentored and coached to invest your own super wisely and strategically by qualified partners. Book to come to an event to find out more, or - Call us 0407 361 596, no obligation FREE strategy call.
This entry was posted in Retirement Planning and tagged , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s