Seniors Demand Clear Retirement Income Policy From Government, Australia

Main Category: Seniors / Aging
Article Date: 25 Feb 2011 - 1:00 PDT


Older Australians have demanded a clear retirement income policy from government to provide them with certainty in their later years.

Addressing a super industry conference in Brisbane today, National Seniors Australia chief executive, Michael O'Neill, said the federal government had much going on in the way of reviews but no apparent overarching strategy.

"Older Australians are nervous. As their retirement plans unraveled during the global financial crisis, many were forced to keep working.

"Now they're facing a spate of reforms that threaten, once again, to shift the goal posts.

"The Henry tax review, the Cooper superannuation review, even aged care reform, will have implications on retirement income planning but there isn't a retirement income policy that pulls all these strands together," he said.

"Unfortunately, government and bureaucrats have little sense of how difficult it is, after years of careful planning, to adjust to sudden policy changes on the cusp of retirement.

"Growing life expectancies mean many Australians could find themselves living 30 years out of the workforce. It just won't do to say to retirees five years in: Oh, by the way, now you have to pay for your aged care, and that tax offset has been phased out.

"A clearly articulated retirement incomes policy that crosses several portfolios would go a long way in providing certainty to older Australians.

"National Seniors welcomes the creation of fairer and simpler financial systems but we want to know how it all ties together and what the ultimate goal is," he said.

O'Neill was addressing the 2011 SPAA SMSF National Conference. SPAA is the peak body for professional advisors within the Self Managed Super Fund industry.

Source:
National Seniors Australia

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