Retirement is being redefined. It’s no longer about stopping work; it’s about managing and balancing your money, health and happiness in a way that suits you.
Retirement doesn’t really mean ‘stopping’ work anymore. For most people approaching this phase of life, the plan isn’t to clock out for good; it’s to keep working even after they start tapping into their superannuation.
The reality of retirement today is sobering. A whopping 82 per cent of those surveyed agreed that the age pension simply isn’t enough for a comfortable retirement. And that reality bites. The data speaks volumes. Only 24 per cent of Australians surveyed feel confident they have enough to provide them with a comfortable retirement, while a significant 49 per cent actively fear running out of money during their retirement years.
Lifetime income streams are an emerging category of investment income products that are designed to complement the age pension and a variable income from super by providing a layer of guaranteed income for life.You allocate a portion of your retirement savings to one of these investment products, and when you trigger the income stream, you’re paid a set amount or an amount adjusted for inflation each year, for the rest of your life.
This gap in the market right now leaves pre-retirees in a tricky spot, having to learn about what’s right for them and advocate for themselves by asking their funds and advisers proactively and doing their own research.
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