POWERED BY MOMENTUM MEDIA
Purpose of super ‘crystal clear’ to pre-retirees
Pre-retirees are "crystal clear" about the purpose of superannuation, believing it should provide a steady income through retirement, research reveals.
Data from a survey conducted by National Seniors Australia and commissioned by Challenger, found more than 80 per cent of 50 to 64-year-olds believe their super should be a central income source for their retirement.
While the Government has considered setting out the objective of super, Challenger chairman, retirement income, Jeremy Cooper, said the survey showed there were few doubts about its purpose in the minds of those closest to drawing down on their super.
"For senior Australians the objective of superannuation is crystal clear," he said.
"It's about retirement income. It's critical for retirees to have a steady, dependable income from super to sustain their lifestyle in retirement."
The results reflect a similar finding from the National Seniors Australia's 2015 report, which found 80 per cent of pre-retirees believed that super should provide an income stream for retirement.
While the majority of those late in their working lives seek super as a source of income for retirement, many expect Government pensions and allowances to supplement their income from superannuation.
"This shows that older Australians understand that while super is the main game for retirement, the Age Pension can make up a meaningful proportion of retirement income," Cooper said.
"This can be comfort to many Australians, but it's there as a back-up, not a catch-all."
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
Recommended for you
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
