Will your super last through retirement?
ONE of the great concerns for retirees is whether their retirement savings will be enough for the rest of their lives. And yet more than 90% of retirees don't know if their super will last long enough.
Australians in Retirement Gold Coast president Rob Grover said most retirees had regular medical check-ups and took corrective action if required, but very few checked whether their super was on track and were therefore unaware of whether they should be taking corrective action with their money.
Baby boomers moving into retirement these days can expect to live for 30 or more years. This can be a very satisfying phase of life, without the pressures of the work environment, and having time to travel, relax and spend time with family and friends.
But to a large extent this is dependent on whether their retirement money will last long enough. What if they run out of money at, say, age 75? What will their retirement lifestyle be like if they are then fully reliant on the meagre age pension?
Mr Grover pointed out that, while a number of retirees will face this situation, many are unaware of it and do not take corrective action to preserve their funds for longer.
And yet there are freely available calculators that will indicate whether a retiree's super will last, and there are alternative strategies retirees can adopt to extend the life of their retirement funds.
To address this serious problem, Australians in Retirement Gold Coast Branch will host a free Baby Boomers forum. At this meeting, Mr Grover will demonstrate how retirees can calculate whether their superannuation is enough to meet their lifetime financial needs. Independent financial adviser Matthew Brown will also discuss a number of strategies retirees can adopt to prolong their savings throughout their retirement lifetime.
The meeting will be held at 9.30am at the Broadbeach Senior Citizens Centre, 23 T E Peters Drive (cnr Havana Keys), Broadbeach, on Wednesday, August 5.
All Gold Coast retirees are welcome to attend. However, due to space limitations, seating can be guaranteed only to members of the public who register their attendance at email@example.com.