Pension can’t guarantee successful retirement

age-pension/super/retirement/wealth-within/

26 October 2020
| By Chris Dastoor |
image
image
expand image

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.


 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

1 month 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

4 months ago

Entireti has unveiled the new name for the AMP financial advice businesses that it acquired last year....

4 weeks ago

A Sydney financial adviser has been permanently banned from providing any financial services, with the regulator deriding his “lack of integrity, trustworthiness and prof...

2 weeks 6 days ago

Minister for Financial Services, Stephen Jones, has provided further information about the second tranche of the Delivering Better Financial Outcomes (DBFO) reforms....

1 week 5 days ago

TOP PERFORMING FUNDS