Approaching retirement finances with confidence not confusion
AUSTRALIA’S maturing superannuation system is entering a new phase as workers who have earned super for most of their working lives start preparing for retirement.
“We need to show super fund members how they can make the
most of their super by turning it into a regular income stream to create a financially stable retirement,” said David Whiteley, chief executive of Industry Super Australia.
“Many people still pull their super out when they first retire and for some this might be the right strategy.
“What many people might not realise is that they can turn their super into a regular income with their Industry SuperFund.
“They can use this to top up what they might get from the government pension, while the balance continues to work hard and get investment returns.
“Millions of baby boomers are set to retire in the next decade and
are expected to live well into their 80s or 90s, so it’s really important to create a sustainable financial plan that will go the distance.”
Mr Whiteley says retirement pitfalls to avoid include:
your super could deliver in a regular income stream.
with low interest rates.
retirement product with high fees or poor net performance, with the
typical performance differences after fees between Industry SuperFunds and retail funds evident in retirement products.
“After a lifetime of working and saving hard, it’s now crucial that
we educate Australians about maximising their retirement income by continuing to keep their super in good hands,” said Mr Whiteley.
For more on Industry SuperFunds’ income streams visit www. industrysuper. com/ retirement- info/