The Government is set to conduct a retirement income review. At YourLifeChoices, we decided that with the bulk of our 230,000 members in retirement and expert analysts a phone call away, we could offer valuable input. That’s why the September edition of the Retirement Affordability Index™ is very different.
It still fulfills its traditional role – updating you on the new weekly, monthly and annual costs for the six retirement tribes in the wake of the June quarter cost-of-living increases. But … it also records what experts say must be addressed in the retirement income review.
What’s wrong with our retirement income system? Plenty, says Michael Rice, chief executive of actuarial firm Rice Warner, who pinpoints the changes that must be made. Turning up the heat on the super front, Xavier O’Halloran, acting director of Super Consumers Australia, claims the flaws, gaps and inefficiencies in the system have been allowed to proliferate for too long and explains how to “tidy up the system”.
Most older Australians will receive at least a part Age Pension, but too many find the system confronting and confusing. So, economist Sean Corbett identifies the key areas of the pension that he believes should be changed – and how.
Matt Grudnoff, senior economist with The Australia Institute, believes there is ample government support for retirees, but says the funds are going to the wrong people and explains how to restructure the system to benefit everyone.
Per Capita’s Emma Dawson and Myfan Jordan affirm that although home ownership is a fundamental plank in Australia’s retirement income system, that pillar is crumbling and older renters are largely ignored. And investment management firm Challenger explains decumulation and how you can ensure a steady reliable income for life.
Finally, we delve into our surveys to uncover the true state of the retiree nation according to you. And, if you have anything more to say about retirement, email [email protected].