POWERED BY MOMENTUM MEDIA
Closing retirement income gap “critical”
The Federal Government will today release its inaugural Women’s Economic Security Statement, which should form part of what Dixon Advisory has labelled a “critical” effort to close the financial gap at retirement for Australian men and women.
The statement would focus on highlighting the need to close the gender pay gap and identifying areas for improvement in achieving this, following the establishment of a new organisation, ecstra, aimed at enhancing women’s financial capability.
Dixon Advisory’s head of advice, Nerida Cole, said movement on closing the retirement gap was crucial in managing Australia’s ageing and growing population, pointing to key measures such as extending the Super Guarantee on paid parental leave and removing gender discrimination on annuity pricing as helpful.
“We need more flexible retirement planning policy settings that help women keep their superannuation balances growing, but that also recognise that access to affordable housing and employment opportunities are critical planks to achieving financial security in retirement,” Cole said.
"These are complex policy issues, incorporating the gender pay gap and the predominance of women as the primary caregiver in families – but with increasing life expectancies and more and more baby boomer women facing retirement decisions every day – it is vital that we implement policies today that will help women across the generations.”
Recommended for you
The future of superannuation policy remains uncertain, with further reforms potentially on the horizon as the Albanese government seeks to curb the use of superannuation as a bequest vehicle.
Superannuation funds will have two options for charging fees for the advice provided by the new class of adviser.
The proposed reforms have been described as a key step towards delivering better products and retirement experiences for members, with many noting financial advice remains the “urgent missing piece” of the puzzle.
APRA’s latest data has revealed that superannuation funds spent $1.3 billion on advice fees, with the vast majority sent to external financial advisers.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
