Insufficient Funds for Retirement

I’m always happy to pass on great info...and this is great info! I’ve included a few snippets below lifted from the full article.

With pressures on the Age Pension and additional uncertainty coming from a weakening property market, potential changes to superannuation legislation and general share market volatility, the need for Australians to plan for retirement has never been greater.

Director of Aged Care Steps, Louise Biti, says it is essential for everyone to consider the three phases of retirement.

‘When talking about retirement, we ask people to think about the care-free years, the quiet years and the frailty years – when health issues associated with living longer mean we are likely to have some level of dependency on others.’

Ms Biti describes the average income required at each phase and cautions against the common misconception that the cost of living declines after retirement.

‘It’s really more of a U curve’ she explains. ‘Higher care needs in later life mean increased costs.’

While there is considerable government subsidised aged care available in Australia, living well in all phases of retirement is about maintaining choice and control – especially in later life.

‘Australians are guaranteed a minimum quality of care through government funded aged care,’ she says.

‘But quality of life in retirement requires careful planning and professional advice.’

Make an appointment with your adviser today to discuss your retirement planning needs. 

Do you need more detail on this subject? Head on over to the full article HERE for more ideas and perspective. Afterwards, why not book a consultation or call me at 0413313100.