Fresh research explains how a lifetime income product, combined with an allocated pension, could mean those on the cusp of retiring will require much smaller superannuation balances than ASFA’s recommended targets.
It’s been a sharp learning curve, but super funds are learning how to better engage with their members, especially those in retirement. And members are responding positively, with 70 per cent saying they trust their fund to make the right decisions.
For those bored in retirement or simply needing the dollars, starting afresh in a new business venture can be a viable option. It looks exciting and it can be financially rewarding but be warned – the challenges are many.
Chief retirement officers are assuming a pivotal role as super funds such as AustralianSuper give greater attention to members’ income needs in the decumulation stage.
For 30 years, it’s all been about accumulation. But the Retirement Income Covenant has changed the game, and super funds are now having to give their members retirement solutions. Some are doing it better than others.
