Transition to retirement popular
Michael Dwyer
Big NSW-based public offer fund, First State Super has revealed new research suggesting that a significant proportion of its members are planning to take advantage of the new transition to retirement arrangements.
The research, the results of which were released this week, also confirmed that while members of the fund had clear ideas about what they wanted to do in retirement, only 31 per cent had a clear idea of whether they would have an adequate income.
This finding prompted First State chief executive Michael Dwyer to suggest that super funds and policy makers had to do more to help people understand how much they would need to live on in retirement.
“Although some of our member demographic is relatively affluent — for instance, around 77 per cent of the survey respondents had other assets besides super, such as property other than the family home, or shares — our study found that the most important issue for all members, but in particular those aged 40-55, was to find out how much would be enough to fund their post-working years,” he said.
Dwyer said the research also gave the fund a much clearer idea of likely demand for its transition to retirement income stream product.
AUTHOR
Mike Taylor
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