New tools to help Australian plan for retirement
The Australian Securities and Investments Commission (ASIC) has launched a new retirement planning guide and an online calculator in an effort to support Australians who are preparing their retirement finances.
The 'Financial Decisions at Retirement' guide details to consumers the age at which they are permitted to access their superannuation accounts and the amount of savings they'll need to retire on a year-on-year basis. The guide also covers the benefits and drawbacks of withdrawing super as a lump sum and using super when moving to part-time work.
The MoneySmart Retirement Planner calculator was also launched at a meeting of the Australian Government Financial Literacy Board and can be found on ASIC's Money Smart website.
ASIC chairman Greg Medcraft said the online calculator provides people with an estimate of how much they are likely to have in every year of retirement and calculates the best way to make extra superannuation contributions.
"It (the guide and calculator) has been extensively user-tested to ensure it meets the needs of people on the verge of retirement," Medcraft said.
"Trial users said the guide explained a complex subject in simple terms. They liked the case studies, explanations of different super income options and unbiased, simple facts."
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