NEWS – 27 per cent increase in potential retirees by next year September 2017 for the Aust. Government Age Pension to support

NEWS – 27 per cent increase in potential retirees by next year September 2017 for the Aust. Government Age Pension to support

27 per cent increase in potential retirees by next year September 2017 for the Aust. Government Age Pension to support

A new report from Roy Morgan research warns that the Government will need to finance a potential 27 per cent increase in pensions for men and women planning to leave work by this time next year. This supports our post in August which reported that the burden of Age Pension is set to rise based on an Actuaries institute Report – and data showing a rise in higher draw-down of amounts on super resulting in more retirees exhausting their balances earlier. 

From Money Management

Government support will be needed to finance a 27 per cent increase in potential retirees next year, with 228,000 men and 187,000 citing their plans to call it quits on working life by September 2017, according to research by Roy Morgan.

The findings in Roy Morgan’s ‘State of the Nation — Spotlight on Finance Risk’ show that the 415,000 Australians intending to retire over the coming year are likely to have inadequate savings and superannuation to be self-funded, meaning the need for government support for the non-working is set to rise substantially.

According to Roy Morgan industry communications director, Norman Morris, changes to superannuation legislation have never been more desperate.

“The low levels of retirement savings will put more pressure on government funding for some time yet unless there are changes to eligibility rules, taxation or superannuation legislation,” he said.

“The average level of savings and superannuation for those intending to retire in the next 12 months is well below what is required to be able to lead what ASFA describes as a ‘comfortable lifestyle.'” Read more at Money Management

How are your retirement plans going?

For most – it is easier to consider it’s all too hard, and put it aside for later. But really it is not as hard as it seems – by looking at where you are at, what retirement style you want, what that will cost to run, what you need invested to get that income and what to do now – See the 5 S Easy Steps to Plan your Retirement

Don’t keep procrastinating!

If you want experts who have years of helping others, without the hype – then call for a FREE strategy session today and see how our Super-Connector Service assists you to find the right expert to answer your question – it’s FREE also!

No obligation. 0407 361 596, Paul


About SuperBenefitnews

Self-Managed Superannuation Service Providers in Australia. SuperBenefit provides a wholistic SMSF assistance, education and administration service continuum - 1. “assistance” is help of whatsoever nature where our overall SMSF experience and knowledge enables us to provide assistance/help without any legal (or “license”) limitations. 2. “education” involves providing knowledge through teaching, coaching and mentoring about all matters SMSF, including (but not limited to) investment issues such as equities and property, 3. “administration” encompasses all admin aspects of legally required SMSF trustee and member record keeping including (but not limited to) audit and ATO matters. In keeping with our key point that SuperBenefit does not provide Financial Advice, where issues arise from 1, 2, and/or 3 above Indicate a need for a legally authorized provider (such as a Financial Adviser) and the client does not have their own service provider, the client can utilize SuperBenefit’s ‘Connect Assist’ … SuperBenefit, in itself, does not provide Financial Advice, but it does provide the wherewithal for great SMSF service. WE do not provide Financial Advice or any other service that requires a legally authorized provider. However, where such advice or service is required we have our ‘Connect Assist’, a SuperBenefit resource we use to connect clients to a Licensed Advisor or other legally authorised service provider. Call us 0407 361 596, no obligation FREE Connection call to see how we can help you!
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