Ed­u­ca­tion is re­tire­ment sil­ver bul­let

North West Telegraph - - Retirees’ Voice - Fabian Ross Fabian Ross is chief ex­ec­u­tive of WA Su­per

With more than 5000 re­sponses to the Re­tirees’ Voice sur­vey, West Aus­tralians cer­tainly did voice their con­cerns about re­tire­ment.

I wasn’t sur­prised to read that so many of you are wor­ried about your re­tire­ment, with one-third of re­spon­dents ad­mit­ting your in­vest­ment knowl­edge and ex­pe­ri­ence is not where it should be. It’s ex­actly what we’re hear­ing from our own mem­bers and is why we’re fo­cus­ing on plan­ning and ed­u­ca­tion.

Many re­ports have been pub­lished about how you need to save, but this de­pends on your ideal re­tire­ment lifestyle. There­fore, weigh­ing up how much a cou­ple or an in­di­vid­ual should have in sav­ings to af­ford a com­fort­able re­tire­ment is con­fus­ing.

The best ap­proach is to plan early, speak to your su­per fund and seek per­sonal fi­nan­cial ad­vice. This means you can more ac­cu­rately fore­cast what you will need and be able to make an in­formed de­ci­sion about which prod­ucts to in­vest in to ad­e­quately pre­pare for re­tire­ment. Small sav­ings over a life­time can also have a sig­nif­i­cant, pos­i­tive im­pact on each per­son’s ac­tual re­tire­ment life­styles. But some­times peo­ple leave this too late.

If this sur­vey trig­gered West Aus­tralians to think about their su­per, then it has served a pos­i­tive pur­pose. We un­der­stand for some that just the thought of re­tire­ment is so com­plex it ren­ders you pow­er­less. So you do noth­ing and put it on your “to do” list for an­other day.

How­ever, procrasti­nation can be costly. It’s never too early to start plan­ning your re­tire­ment. And while you’re at it, I’d sug­gest you start shar­ing some su­per­an­nu­a­tion words of wis­dom with the younger gen­er­a­tion.

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