Retirement savings should be priority
A Federal Government standard for retirement savings targets should be a priority outcome of the Henry Review into Australia's Taxation System, according to executive manager of Industry Super Network (ISN) David Whiteley. "The setting of clear targets for retirement savings has to be a priority in order to ensure everyone has at least a modest income in retirement." Whitely said this will require "both an income floor to protect retirees and a reasonable upper boundary on government concessions to maintain equity". He added that fund members needed to know what they should aim for and the super industry needed uniform guidance to assist its members and clients. "At present, members looking at different sources of information or advice may get various versions of what their savings targets should be."
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