With half of Australia's electorate aged 50 and over, retirement issues are crucial for the upcoming election. This article outlines key areas where politicians could make promises to improve the lives of retirees, focusing on superannuation, financial advice, retirement literacy, age pension support, and downsizing incentives.
About 50 per cent of Australia’s electorate is now aged 50 and over, so retirement-related issues are no longer a side note – they’re a deciding factor.
New governments tweak the system every few years, making long-term financial planning almost impossible. Instead of treating super as a political football, a progressive government could commit to a 10-year moratorium on major super tax changes. Retirees and pre-retirees need confidence that the rules won’t keep shifting under them.Australia’s financial system is complex, confusing and full of fine print, yet most people are expected to navigate retirement planning on their own.
That would bring professional advice within reach for all Australians – not just those who can afford to pay thousands upfront. Of course, we’d need protections for consumers to ensure the advice industry didn’t misuse it too.Most Australians don’t fully understand how it works until they’re nearing retirement, although mandated super has been around for more than three decades.
Once you hit the age where banks won’t lend to you, there’s little you can do to change your situation. Rising rents and a lack of affordable housing have left more older Australians financially stretched, yet Commonwealth Rent Assistance hasn’t kept pace with rising rents. This would help retirees move into more suitable housing without sacrificing their financial security.Many Australians want to keep working, even part-time or casually beyond 60, but age discrimination, a lack of flexible roles and weak financial incentives make it difficult. Employers often prioritise younger workers, while midlifers struggle to find part-time or contract roles that fit their needs.
This one isn’t sexy but it’s important. From June 30, the freeze on deeming rates – the calculation that underpins the income test for the age pension – that has been in place since COVID-19 is set to end.
Retirement Finance SUPERANNUATION FINANCIAL ADVICE RETIREMENT LITERACY AGE PENSION DOWNSIZING
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