Self-funded retirees who do not receive the Age Pension are suffering financial hardship due to the COVID-19 pandemic with no support from the government, according to the Association of Independent Retirees.
Wayne Strandquist, Association of Independent Retirees president, said it had made the following suggestions to the Federal Government to help self-funded retirees remain self-reliant:
“The Association of Independent Retirees acknowledges the unprecedented steps taken by both Federal and State Governments to control the COVID-19 health impact on the Australian population and the economic consequences,” Strandquist said.
“We look forward to the concerns of self-funded retirees being considered in the recovery initiatives of the Government.”
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.