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Saturday, 4 December 2021
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The answer to retirement in Australia is not the creation of more product ‘innovation’. Most retirees need basic help. Let’s put the member at the centre of our systems, our thinking, our regulation and our offerings.
Every week, 2,500 Australians retire, or at least, reach the age of 65, and 2021-2027 will represent the peak years of the baby boom retirement surge. Longevity of life comes with dangers and opportunities.
Claims about the inequity of super tax concessions and the advantages for high income earners miss a fundamental point. It's fairer with more realistic assumptions on the value of future payments.
Managing a portfolio in retirement requires a plan for investing assets and drawing income. This research suggests ‘optimal’ drawdown and investment strategies with differing objectives, preferences and circumstances.
The Review includes some profound findings, most notable that retirement income should include drawing down far more capital. Expect post-retirement products to proliferate under a Retirement Income Covenant.
Although the Aged Care Royal Commission (with Paul Keating) and Budget announcements gave the aged care sector high profile, the welcome 'granny flat' changes came with inadequate extra Home Care Packages.
Most Australians are comfortable in retirement provided they own their homes. We’re failing retirees who rent but we also need to include more of the family home in the pension assets test.
With more people living longer, retirement expectations are being reshaped and redefined. Now is the time to consider the financial and cultural solutions for making the most out of the gift of a longer life.
In the final Leaders' Debate, the Prime Minister asked why Labor wishes to deny a tax deduction for additional personal concessional contributions, reinstating the old 10% rule. What's the logic of this complex rule?
The main focus in retirement planning should be on the entire return from a portfolio, not just the income generated, and this might help some people in managing changes due to Labor's franking credit proposal.
With almost one thousand people entering retirement in Australia every day, they face different challenges to managing an investment portfolio in the accumulation stage.
The current system is complex and inequitable, and those most affected by aged care anomalies are often least able to understand the consequences.
The way home ownership relates to retirement income is rated a 'D', as in Distortion, Decumulation and Denial. For many, their home is their largest asset but it's least likely to be used for retirement income.
There’s this story about a group of US Air Force generals in World War II who try to figure out ways to protect fighter bombers (and their crew) by examining the location of bullet holes on returning planes. Mapping the location of these holes, the generals quickly come to the conclusion that the areas with the most holes should be prioritised for additional armour.
House prices have risen at the fastest pace for 33 years, but what actually happened in 1988, and why is 2021 different? Here's a clue: the stockmarket crashed 50% between September and November 1987. Looking ahead, where did house prices head in the following years, 1989 to 1991?
Australia appears to be slipping from the pantheon of global superstar pension systems, with a recent report placing us sixth. A review of an earlier report, which had Australia in bronze position, points to some reasons why, and what might need to happen to regain our former glory.
Super funds will soon be required to offer retirement income strategies for members in decumulation. With uncertain returns, uncertain timelines, and different goals, it's possibly “the hardest, nastiest problem in finance".
You want to take a lump sum from your super, but what's the best way? Should it come from you or your spouse, or the pension or accumulation account. There is a welcome flexibility to select the best outcome.