Ap­proach­ing re­tire­ment fi­nances with con­fi­dence not con­fu­sion

Wangaratta Chronicle - North East Regional Extra - - News -

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/

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