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
While returns and fees are the top priority for older Australians when it comes to their superannuation, more than one in 10 are calling for access to tailored financial advice.
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
