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The Association of Super Funds Australia (ASFA) has revealed retirees will now have to price in higher savings figures to assure themselves of a “comfortable” retirement.

Write comment (0 Comments) " ["fulltext"]=> string(1501) "

According to the advocacy group, couples aged around 65 now need to spend $62,269 per year to attain what ASFA classes as “comfortable”.

For singles, this figure is $44,146.

It means that over the year to December 2019, costs were up around 2.1 per cent for couples.

Over the quarter, it was an increase of 0.8 per cent.

For a ‘comfortable’ level of retirement, it now means couples will need to spend $1,292 more per year.

For singles, they will now require an extra $829 per year for the same level.

According to ASFA CEO Dr Martin Fahy, “cost increases for retirees have exceeded those for the general population”.

This is compared with the slightly lower 1.8 per cent increase across all cohorts.

“We’ve also seen an acceleration in the rate of increase in retirement expenses,” he observed.

nestegg recently reported on the grocery price hike that has occurred over the past 12 months and what it means for retirees. 

ASFA’s retirement standard assumes retirees own their own homes.

As part of its modelling, ASFA has also noted home ownership costs as also increasing.

Home maintenance costs have increased by 2.7 per cent, water and sewerage charges have increased by 2.9 per cent and property rates are now 2.5 per cent higher, according to the report.

 

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The Association of Super Funds Australia (ASFA) has revealed retirees will now have to price in higher savings figures to assure themselves of a “comfortable” retirement.

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Planning early for retirement can help you identify your retirement goals and the steps you need to take in order to make it happen. 

Write comment (0 Comments) " ["fulltext"]=> string(2705) "

For many, this means maximising super contributions whenever there’s extra income, but this may not always be the best thing to do.

When asked for recommendations on what a person should do with a windfall, most experts don’t immediately suggest topping up super.

In fact, the most recommended thing to do is either to pay off debts or build an emergency fund before saving up for retirement.

Average super balances

Data from the Australian Bureau of Statistics (ABS) revealed that the average superannuation balance of people 15 years old and over have improved over the last few years.

In financial year (FY) 2015-16, the average balances of this particular demographic was $158,700 for men and $105,400 for women.

ABS figures showed at least a $10,000 increase in FY 2017-18, with average balances of $168,500 for men and $121,300 for women.

The improvement in super balances may have been the combined result of people growing more conscious over their financial independence in retirement and changes to the super law.

ABS likewise revealed that the improvement in super balances, among other economic factors, assisted in driving the average household wealth to pass the $1 million mark in FY 2017–18.

Relying on the 9.5 per cent super guarantee from your employer may not be the fastest way to save up for retirement, but you may lose more money from debts or if an emergency occurs.

It may be ideal to max out your super contributions but, if you have existing debts or have no emergency savings, it’s best to address your potential financial liabilities first.

Pay debts or build an emergency fund: which is more important?

You may choose to pay down your debt or start building an emergency fund – it depends on your personal circumstances.

If you have high-interest debt that can balloon quickly, such as credit card debt or a payday loan, it’s highly recommended to pay down your debts first. 

Paying off debts doesn’t necessarily include long-term debts like mortgage or car loans, but you may make additional repayments to lower your balance if you have extra money.

However, if you don’t have short-term high-interest debts that could compromise your financial position, consider building an emergency fund before focusing on your retirement nest egg.

Building an emergency fund can ensure that it won’t be necessary to use your personal savings or access your super in the event that your income-producing activities are interrupted.

Explore nestegg to learn different ways to save for retirement.

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Planning early for retirement can help you identify your retirement goals and the steps you need to take in order to make it happen. 

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Given the strength of the current superannuation system, Rice Warner believes the industry does not need major reform, instead it needs to be made more efficient.

Write comment (0 Comments) " ["fulltext"]=> string(2358) "

In its submission to the Australian government, Rice Warner said reducing fees, creating joint accounts for couples, establishing default pensions accounts, reviewing financial advice and reviewing the role life insurance plays within superannuation need to be prioritised.

The think tank noted that raising the superannuation guarantee could make members worse off in retirement due to an offset by the pension.

“When the superannuation guarantee (SG) is raised to 12 per cent, for many members, some of the benefit will be offset by a reduction in Age Pension payments.”  

“The impact is complex and outcomes are not readily quantifiable since retirement outcomes for members vary depending on many other factors, including the rate at which the member withdraws their savings during retirement,” Rice Warner said.

The think tank said a better solution would be to reduce the complexity around the system, reducing fees to help grow balances.

“Superannuation documentation is difficult to follow due to the complexity of the legislation and the industry jargon. [The] Australian Securities and Investments Commission (ASIC) should consider providing a standard booklet on many of the sections of Product Disclosure Documents and allow funds to remove this text from their documents,” the think tank continued.

The submission also highlighted the importance of home ownership for members, with any growth in superannuation being offset by the reduction in home ownership.

“Apart from not needing to pay rent, home owners hold an asset which can be used later in life to supplement income (through home equity release) or to pay for Aged Care services (through equity release, sale or rental).” 

“Previous research prepared by Rice Warner for the Actuaries Institute shows that growing superannuation balances at retirement will be partly countered by a reduction in levels of home ownership,” Rice Warner said.

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Given the strength of the current superannuation system, Rice Warner believes the industry does not need major reform, instead it needs to be made more efficient.

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Don’t be misled by the title of this blog – I am not seeking permission to retire, at least not just yet! But do we need to seek permission to retire?

Write comment (0 Comments) " ["fulltext"]=> string(4348) "

The answer is “yes”.

If we have a significant other, having them in agreement is probably a smart idea. It is always wise to remain on good terms with one’s spouse or partner. After all, retirement is a significant life event and all parties need to be on the same page – committed and in agreement.

And having the agreement of one’s employer is also very important. After all, we would all like our exit from the workforce to be mutually satisfactory to all concerned. We want to leave on good terms.

But what about giving yourself permission to retire?

The reasons people give for retiring are many and varied. Retirement may be forced upon us as a result of ill-health, redundancy, the failure of a business, or the need to take time out to care for unwell or ageing family members. Often, we don’t have a lot of control over such circumstances.

On the other side of the equation, retirement may be driven by the fact we have reached “retirement age” – although there is no longer an official retirement age in Australia, except in some occupations – or we have reached the age where we can access our superannuation or receive the government Age Pension.

But for others, retirement might result from the fact we are just tired of the day-to-day drudgery of getting up and going to work. Our work is no longer fulfilling.

For some, retirement simply can’t come quickly enough because we have so many other things we would prefer to be doing. I think they are the lucky ones. They have purpose.

Retirement will inevitably involve a significant change in lifestyle. There are adjustments that need to be made, both physical and mental.

Sadly, all too often many people retire without a sense of purpose. They just fiddle around the house, maybe watch afternoon TV or take the dog for a walk, or head off to a shopping centre, just to fill in time. It is not uncommon for people to feel lost in retirement.

I believe this situation often arises when people don’t have active control over the circumstance that result in retirement.

Let’s consider two recent retirees whose stories are not uncommon. One often says he doesn’t know how he had time to work. He has so much going on in his life with his golf, minding grandchildren and taking regular short holidays.

The other appears to be a little “lost”. After retirement, they spent some time travelling both in Australia and overseas. However, once the travel was ticked off the list, and all the odd jobs around the house had been done, the husband spends much of his time looking for things to do. Perhaps he feels he still needs to be working eight hours each day. However, his wife is involved in a wide range of activities and community groups. This leads to both frustration and anxiety.

When we have our retirement mapped out and have plans, we have effectively given ourselves permission to retire.

On the other hand, if we simply meander through retirement without purpose, perhaps we haven’t given ourselves that permission.

For many, retirement will consume around 25 years of our life. That is a long time to be living with regrets.

If we are not ready for retirement, then we shouldn’t retire.

Even if we are unable to continue in our present job, there are options out there.

Now, some will say that it is difficult for older people to find work – and that is true. However, there are many charities that are keen to get all the volunteers they can muster, and there are many employers willing to take on part-time and seasonal workers. Alternatively, take the skill developed over a lifetime of working and start your own small business or consulting practice, or commercialise a hobby.

When retirement beckons, embrace it with passion and purpose. Have a plan and, most importantly, give yourself permission to do whatever it is you want to do, when you want to do it, without any feeling of guilt.

After all, retirement is “your time”.

Peter Kelly is a superannuation and retirement planning specialist at Centrepoint Alliance.

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Don’t be misled by the title of this blog – I am not seeking permission to retire, at least not just yet! But do we need to seek permission to retire?

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Older Australians are being discouraged to save additional funds due to asset thresholds, but according to new research, a universal pension system may be a way to solve it.

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Under a proposed system by BetaShares and The Monash Centre for Financial Studies, superannuation would be streamed into defined-benefit schemes and defined contributions.

This streaming would be based on age, income, asset balances and other factors. Where a retiree has not fully funded their pension through their defined-benefit contributions, the shortfall would be funded by the government.

BetaShares senior investment specialist Dr Roger Cohen previously confirmed the “retirement trap” many Aussies are falling into when an increase in savings and investments results in less income due to pension entitlements. 

The ETF providers said in a submission to the Australian Treasury that under their proposal, no individual is worse off than in the current one as well as much of the current burden on the government being reduced due to retirement funding falling mostly on the individual.

“With a universal pension in place, an Australian retiree can choose to spend or save additional income or assets based on their personal circumstances, without that choice being distorted by the structure of the system,” Dr Cohen said. 

Under the current modelling, retirees are encouraged to spend their additional savings on their homes due to it being exempt from asset testing, instead of choosing to invest them to generate assets and capital growth, BetaShares said.

Dr Cohen believes that changing this policy would encourage Australians to save more, as opposed to the current design where, for certain balances, additional savings are discouraged due to the effect of losing pension entitlements.

Despite its limitations overseas, Dr Cohen said the Australian superannuation system could be used to reduce the fiscal costs of the current retirement system.

“Australia is well positioned to implement a best practice universal pension within its retirement income system. Where the universal pension has failed elsewhere, that failure has primarily been due to problems around ensuring that it is funded at sustainable levels.”

“Despite this, a full or partial universal pension is a successful part of the retirement system in many countries, including The Netherlands, New Zealand and some Nordic countries,” Dr Cohen concluded.

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Older Australians are being discouraged to save additional funds due to asset thresholds, but according to new research, a universal pension system may be a way to solve it.

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Younger investors who are looking for financial independence should take advantage of low interest rates and the power of leveraging, suggests an industry expert. 

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In conversation with nestegg, Pure Property Investment managing director Paul Glossop discussed strategies younger investors can use to achieve their financial goals through the property sector. 

Mr Glossop suggested investors might be unaware of how much they need to retire, with the first step towards financial independence being calculating expenses of their ideal lifestyle. 

“Most people get a bit too arbitrary about what they need and throw out the standard ‘I need 100 grand passive income’, and that number can be too much or too little for many people,” Mr Glossop said.

The second step is figuring out how to have a blended strategy to grow the portfolio while paying down debt, Mr Glossop said.

Mr Glossop suggested investors should take advantage of time by exposing themselves to property as soon as they can, provided the numbers align. 

“If you do maximise your leverage, recycle, beg, borrow, steal to get as much exposure to good-quality growth assets that have decent cash flows in the early stages because the ability of that to compound and turn into so much more in a short period of time,” Mr Glossop continued.

Depending on where investors start, Mr Glossop suggested the biggest hurdle is getting the deposit together, with investors often waiting years to save up to a 20 per cent deposit.

“The challenge is rarely time; the challenge is getting your hands on a deposit. The bonafide strategies I have seen are accessing equity or guarantor loans,” he said.

“The other part is sacrifice and use lenders mortgage insurance for what it’s good for in the early stages.

“I think people often think they need a 20 per cent deposit available to buy that first investment.”

Property investors should also get creative and look to buy beyond their city, with big markets not necessarily being the best markets to buy in.

“It doesn’t mean because you’re not buying in a city you’re not producing outcomes. It has to be very specific at what you’re trying to achieve as well as where your budget sits.”

To ensure growth in your portfolio, the property investor suggested taking advantage of “the most powerful and unique part of property in this country which is leverage”.

Finally, Mr Glossop advised investors the best way to get ahead is to discuss their situation with an expert as early as possible. 

“Inquiring and getting that understanding of what can happen today as opposed to thinking about getting to this milestone before doing something,” he said.

That conversation might not mean you’re going to buy a property tomorrow, but it might mean you get some realistic and time-bound goals, Mr Glossop concluded.

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Younger investors who are looking for financial independence should take advantage of low interest rates and the power of leveraging, suggests an industry expert. 

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