Are you over 50 and approaching retirement?Written on the 23 November 2023 by Parkside InvestorPlus ) Then according to AMP’s research, you may lack sufficient knowledge on key retirement concepts. According to AMP’s research, ‘Retire with confidence guide’, showed that roughly 75% had not sought advice for retirement planning and roughly 60% said they wished they had started retirement planning earlier in their lives. New research by AMP shows that most older Australians find it challenging to navigate our retirement system and lack knowledge about fundamental aspects of managing their retirement finances. For Australians aged 50 and over the research found:
With more Australians living longer and spending more of their later years in full health, a large cohort are heading into retirement lacking the knowledge and confidence to navigate this important phase of their lives. This lack of confidence is likely a key reason why Australians fear their savings won’t last as long as they do, leading to underspending and an unnecessary impact on lifestyle in retirement. The challenge is compounded by not having sought appropriate financial advice and also made worse by the current high levels of inflation and broader cost of living pressures. This problem is only set to grow with the latest Intergenerational Report showing Australians over the age of 65 will make up nearly one quarter of our total population over the next 40 years. Retiring with financial confidenceFeeling confident in, or as you approach, retirement is about more than money. An AustralianSuper-Monash University study found maintaining good health and setting specific goals are more important to Australians over 50 than the amount of their savings. The study is aimed at improving retirement outcomes for all Australians. It’s the first of its kind to examine how people think and feel about finishing their working life. When planning for retirement, your financial position is only one piece of the puzzle. The AustralianSuper Monash University Retirement Confidence Index (RCI) considers 4 key areas that affect a person’s confidence:
At Parkside Investor Plus, we look at your retirement profile holistically, that is, we look at all aspects of your retirement journey. This way we can factor in ‘life’ in your retirement – health, enjoyment, travel, companionship, and of course, inheritance. See how Parkside InvestorPlus can help you with your retirement transition, call us on (02) 9899 4899. Author:Parkside InvestorPlus About: As advisers, we act as a fiduciary sitting on the same side of the table as our clients, providing peace of mind, greater control and visibility. |
