This article reassures readers about their retirement savings, debunking the often exaggerated fears perpetuated by financial institutions. It highlights that the superannuation system is generally adequate for a comfortable retirement and encourages readers to trust the system.
Sometimes I think I should appoint myself chief ageing reporter for this august organ. Why? Because I’m the only one left around here to know about – and care about – what’s happening to the oldies. But the truth is it’s not a lot more oldies we need to attract to secure this masthead’s future.
That’s why we’re training up bright young economists such asBut, while we’re having old folks’ day, let me ask you a personal question: are you sure you’ve saved enough to ensure a comfortable retirement? Now, you probably hate being asked that question. Your conscience has long been telling you the answer’s most likely “no”. Ask someone from the superannuation industry, and they’re almost certain to leave you feeling inadequate.But if you think that’s what I’m on about, you’re wrong. Prompted by an The Conversation experts say the superannuation system will ensure most people retire with enough superannuation to live comfortably and, indeed, many will have more than they need. It’s only natural to fear you haven’t saved enough, but the sad truth is that the financial market people who earn their living by managing all the money we save via super have gone for many years playing on our fears, giving us a quite exaggerated impression of how much we’ll need. If you’re trusting enough to ask the Association of Superannuation Funds lobby group how much a couple would need to live at a comfortable standard, it will tell you they’ll need an income of more than $73,000 a year, which would require a super balance of $690,000.What the lobby group doesn’t tell you is that this “comfortable” standard is higher than what 70 per cent of couples enjoy while they’re working. Nor does it tell you that the only way to have more in retirement is to have less while you’re working. It makes sense to use super to shift some of your income from your working years to the years when you’re not workin
RETIREMENT SAVINGS SUPERANNUATION FINANCIAL PLANNING INVESTMENT COMFORTABLE RETIREMENT
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