Self-funded retirees who do not receive the Age Pension are suffering financial hardship due to the COVID-19 pandemic with no support from the government, according to the Association of Independent Retirees.
Wayne Strandquist, Association of Independent Retirees president, said it had made the following suggestions to the Federal Government to help self-funded retirees remain self-reliant:
“The Association of Independent Retirees acknowledges the unprecedented steps taken by both Federal and State Governments to control the COVID-19 health impact on the Australian population and the economic consequences,” Strandquist said.
“We look forward to the concerns of self-funded retirees being considered in the recovery initiatives of the Government.”
The $300 billion fund has announced the development of a new flexible lifetime income option in partnership with TAL.
As regulators spur funds to focus on Australia’s ageing population and overseas players voice their interests, professionals expect a boost in innovative activity in super.
Over half of Australians hope to live to 100 years, according to MetLife, and 90 per cent believe retirement should be redefined to account for a longer lifespan.
Two actuaries have urged for an overhaul of the current retirement framework to better prepare Australians for the future and improve the accessibility of general financial advice.
Add new comment