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On this episode of The nestegg Podcast, the CEO of Industry Super Australia, Bernie Dean, shares his insights into the impact of COVID-19 on super funds.

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Bernie joins host Grace Ormsby to unpack how the economic downturn has been affecting different demographics, why many in the older age bracket are experiencing increased levels of anxiety, and what those people can do to preserve their nest egg and minimise their losses.

Bernie also delves into Industry Super Australia’s stance towards accessing superannuation early as part of the government’s stimulus measures, whether now is a good time for people with the means to contribute extra to their super, and industry fund plans for a road to recovery for both their members and the national economy.

Thanks Bernie, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Industry Super Australia are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Saturday, 06 June 2020

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Retirement

‘Cold turkey’ not an ideal approach to retirement

By Grace Ormsby · December 13 2019

Reading:

Retirement

‘Cold turkey’ not an ideal approach to retirement

By Grace Ormsby
December 13 2019

Reading:

‘Cold turkey’ not an ideal approach to retirement

By Grace Ormsby · December 13 2019

Reading:

Workers looking at retiring in the next 10 years have been warned they need to start planning for what life will actually look like in the post-work years – not just focus on the financial aspects.

Vincent O’Neill, Stanford Brown’s director of private wealth, has conceded that while having a healthy superannuation balance is important, “it’s not the only consideration for making sure the retirement years are positive and rewarding”.

He said it’s unfortunate that people tend to focus solely on the financial side of their retirement planning and neglect the lifestyle considerations.

“Retirement can mean very different things to different people, and we encourage our clients who are contemplating life after full-time work to spend time envisioning and planning their future years from all perspectives.”

According to the director, going “cold turkey” into retirement “is never a good idea”.

“We often see people struggling with the first few years of retirement because they haven’t spent enough time thinking about what they want their lifestyle to look like, well before they retire,” he conceded.

Mr O’Neill said it’s more important than ever before for people to ask themselves what they are retiring to, not just focus on what they are retiring from.

“When people think about retirement, the focus is on broad themes of ‘travel’, ‘relaxation’, ‘family’, [and] golf,” he commented.

“Whereas little thought may have been given towards what retirement looks like on a daily basis.”

The director said such retirement planning failures “can lead to a lack of direction, a lot of time in front of the TV and, in many cases, periods of disenchantment”.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.