Key findings from AMP's TapIn technical service for the half-year ending June 30, 2024 include:
- Over 6,800 calls and email queries received from financial advisers
- Email queries increased 40% compared to the same period last year
- Nearly 20% of questions related to superannuation contributions and home ownership issues
- Over 10% of queries involved transfer balance caps, means testing, or TPD benefit tax issues
- One in ten queries concerned death benefits, asset treatment, or condition of release
John Perri, AMP head of technical strategy and TapIn, said, "The last six months have seen a significant focus on super contributions as more and more Australians look to make the most of unused catch up concessional contribution provisions."
Other common topics included:
- Innovative retirement income streams
- Limited recourse borrowing arrangements
- Aged care
The data aligns with previous AMP research showing that most older Australians find the retirement system complex, with nearly half unsure about age pension eligibility.
Perri added, "As Australia's retirement system begins to reach maturity, instilling greater confidence in the ability of everyday Australians to navigate the important transition from accumulation to pension phase remains paramount."
The findings highlight the critical role financial advisers play in simplifying complex retirement issues for their clients, particularly as recent tax changes have prompted many Australians to bring forward deductions through personal superannuation contributions.
Despite the evident need for guidance, over three-quarters of those surveyed by AMP had not spoken to a financial adviser about retirement planning, underscoring the importance of reducing barriers to accessing quality, affordable advice.
