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Policy must align with ageing population
The Intergenerational Report stresses the need for policymakers to pay attention to retiree spending so they can adapt policies to suit this growing demographic.
Such is the view of the Association of Superannuation Funds of Australia (AFSA), which said Australians need to use tools to plan for retirement as longer periods of retirement looms for many retirees.
"Government finances will continue to be under pressure over the coming decades, and the best way to protect yourself against future policy changes is to start saving now for the retirement you want," ASFA CEO Pauline Vamos said.
ASFA found there was a halt in the rising cost of living in the December quarter as an 8 per cent fall in petrol prices provided relief.
This offset a 0.1 per cent increase in food prices.
Older couples aged around 65 seeking a comfortable retirement will need to spend $58,364 a year, up 0.1 per cent on the previous quarter. This will mean they need a joint super balance of around $510,000.
Older singles wanting a comfortable retirement will need to spend $42,604 a year, requiring a balance of around $430,000.
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Speaking to Super Review, the $70 billion fund has unveiled its new solution to address the ‘cognitive load’ of retirement as members enter their golden years.
New research has suggested it’s time to reconsider the home as a fourth pillar of the retirement income system, alongside the age pension, superannuation, and voluntary private savings.
New research has revealed over 60 per cent of retirees believe their super fund offers retirement income products suitable to support their retirement lifestyle.
Some retirees are “needlessly” paying two sets of fees and often more tax than they need to, according to the industry body.
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