Pension can’t guarantee successful retirement
Too many Australians count on the Age Pension as a retirement plan, despite it only being designed as a safety net, according to Wealth Within.
Dale Gillham, Wealth Within chief analyst, said the government pension was the main source of income for around 50% of retirees.
“So, what exactly are Australian’s planning for if they continually end up in this situation?” Gillham said.
“On a good note, 34% indicated they wanted to pay down debt or become debt free while 32% indicated their goal was to get their finances in order.
“While the survey included investors from all ages, one figure that was quite interesting, but not surprising, was that only 12% said their goal was to plan for retirement, which explains why so many Australians are in debt and on a government pension."
Gillham said the Australian Securities Exchange survey highlighted that what Australians focused on may not be what they should be planning for.
“Retiring debt free and on a comfortable income is very achievable for anyone with a little dedication and planning,” Gillham said.
AUTHOR
Chris Dastoor
Recommended for you
AFCA’s latest statistics have shed light on which of the major licensees recorded the most consumer complaints in the last financial year.
Four months after making its first equity partnership, the Australian Wealth Advisors Group has taken a second stake in a regional Victorian advice and accountancy firm.
High-net-worth advisers seeking to grow their businesses are likely to find alternatives to be a key part of the puzzle amid investor demand, according to Praemium’s head of private wealth.
The financial advice profession has lifted back above the 15,500 mark this week thanks to a double-digit net rise in adviser numbers, according to Wealth Data.
