By 2055 the number of Australians over 65 is expected to double.
Coupled with longer life expectancy, this raises important issues for the community and economy, including the provision of financial services for older Australians.
People coming into retirement may well be dealing with an amount of superannuation significantly larger than any amount of money they have ever dealt with before.
Retirement planning is complex: it requires people to think long-term and also consider uncertain and difficult concepts, including their health, what really makes them happy, and their mortality.
Ageing and retirement planning involves making decisions that can have significant consequences over the long term. including:
- Taxation, superannuation and social security, and how they interact together
- Property, estate planning and aged care issues
- Sequencing risk – the risk of having negative returns early on when initially investing or just before or after retirement
- Longevity risk — will you out-live your money, considering inflation and return risks?
ASIC is concerned about people having access to quality financial advice to avoid retirement nest eggs being targeted for scams, frauds and financial abuse. As ASIC says, “the right kind of financial advice can really make a big difference.” It can help you:
- set your financial goals and achieve them
- make the most of your money
- get any government assistance you’re entitled to
- feel more in control of your finances and your life
- avoid expensive mistakes; and
- protect your assets
Financial advice can also give you confidence that your future plans are achievable. Get licensed advice from a Financial Advisor who holds an Australian Financial Services Licence (AFSL) or is authorised by an AFSL holder. For advice on retirement planning, contact us.