Consumers planning their retirement now have two new tools to help them make informed decisions, thanks to the Australian Securities and Investments Commission (ASIC).
The new MoneySmart tools, a retirement guide and online calculator, were launched at a meeting of the Australian Government Financial Literacy Board.
ASIC says the tools clearly explain the financial choices available to people at retirement and the pros and cons of each retirement income option.
The guide covers topics including:
- When Australians can access their super
- How they can use their super when moving to part-time work
- The benefits and drawbacks of withdrawing super as a lump sum or income stream
- How low-tax retirement income streams work
- Risky or more complex investment strategies to think twice about
The calculator is an upgraded version of the MoneySmart Retirement Planner, which shows people how to boost their retirement savings.
Parliamentary Secretary to the Treasurer, David Bradbury, said these new tools would help to improve awareness of the need to plan early for retirement.
“People often put off planning for their retirement, but the earlier you start, the better off you will be,” said Mr Bradbury.
“These new MoneySmart resources will help people to take those important first steps. Estimating how much superannuation you will have in 20 or 30 years’ time gives you the chance to do things that will boost those savings now.”
