Wealth accumulation outside super inevitable
Despite superannuation policy changes relying on the Federal election, both parties' policies are for building only moderate and not necessarily comfortable retirement nest-eggs, Austock Life believes.
The insurance bond specialist said revisiting personal wealth accumulation outside of super would be inevitable and was not reliant on the election outcome.
Austock's managing director, Ross Higgins, said savings outside of super would be encouraged as the third pillar of Australia's retirement incomes system.
"We believe that insurance bonds are the next best, and indeed the only alternative tax-effective investment framework to superannuation," Higgins said.
"Importantly, insurance bonds will be at the forefront of the alternatives (or supplements)."
He said the strategy had uncapped contribution limits, unrestricted access at any age and purpose, and was a versatile tool for estate planning.
"As well, insurance bonds are another approach to ‘life-events' financial planning," Higgins said.
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