A new service offer has been launched this month intended to assist advisers navigate the complexities often associated with the emerging range of lifetime income products.
Called Retirement Edge, this free service provides resources advisers can access for the purpose of better serving their clients’ retirement planning needs.
The brainchild of Plan For Life Founder, Simon Solomon, the launch of this new service corresponds with the growing agenda cited by regulators and others within the sector, to create more diversity and flexibility around retirement income strategies that advisers can implement for their clients.
According to a statement released by Retirement Edge, it says it has identified a significant opportunity for over five million superannuation members who will now be able to access a lifetime income product when they reach retirement.
Referring to what it characterises as innovative product, the service provider notes lifetime income product solutions are 40% exempt from Centrelink’s asset and income tests and represent “…a crucial strategy for retirees looking to maximise their retirement income.”
In his capacity as Senior Actuary at Retirement Edge, Solomon says advisers are uniquely positioned to guide clients through the complexities of retirement income options, particularly with the introduction of lifetime income products that offer the potential of both financial stability and tax efficiencies:
…a significant opportunity for advisers to provide tailored retirement strategies that maximize income and enhance Age Pension entitlements
“With over five million Australians in superannuation funds that offer these products, there’s a significant opportunity for advisers to provide tailored retirement strategies that maximize income and enhance Age Pension entitlements, empowering clients to enjoy a more secure and sustainable retirement,” says Solomon.
In seeking to provide what it says is a comprehensive, free resource website designed specifically to support advisers in researching, comparing and recommending lifetime income products to their clients, key features of the Retirement Edge offer include:
- A comprehensive list of all providers in Australia who offer lifetime income products, including super funds, platforms, and life insurers
- Standardised, independent product summaries to simplify decision-making
- A Product Selector Tool that helps advisers identify lifetime income solutions tailored to retirees’ individual needs
- Educational resources and articles to assist advisers in understanding the full benefits of lifetime income products
Advisers and other interested colleagues can click here to learn more at the Retirement Edge website.