Australians will need to rebuild their superannuation and retirement savings, after withdrawing more than $36 billion in early super release payments in 2020, according to Colonial First State’s Retirement Realities Series.
We explain the difference between three commonly used pensions, including the government’s Age Pension, a transition to retirement pension, and an account-based (or allocated) pension, so you’re across how they work and what might be right for you.
Are you dreaming about an earlier retirement, but unsure how to go about it? According to the Australian Bureau of Statistics, 40 per cent of Aussie men and 35 per cent of Aussie women are planning to work past age 70 because they are worried about their ‘financial security’ in retirement.
While a traditional bank deposit is generally regarded as one of the safest forms of investment, it also currently offers amongst the lowest returns. For those relying on bank deposits to fund their retirement income, the current record low interest rate environment offers little reward.
While most Aussies had planned to retire at age 65, the reality is that around a quarter of us are expecting to delay our retirement. The most recent Retirement and Retirement Intentions survey data released by ABS in 2015 found the number of people aged 45 and over who intend to retire later than age 65 is 23%, compared to only 8% of people surveyed in 2004-051.
Want to see your super grow faster? Here’s how you can — by choosing what happens to compulsory contributions from your employer. Make the super payments from your employer go further by choosing an investment strategy that suits your stage of life and retirement goals.
Are you 55 or over? If you are, stop what you are doing and read this article!
For all those under 55, please forward this to your 55 and over gang and please make sure they read this article!
Don’t just read this article – act on it! It’s one of those rare opportunities in life where it is possible to earn some extra cash – with no catches!