Super stressful: How Australia can simplify retirement incomes - Podcast

Do you find the idea of planning for your retirement overwhelming? If that’s you, you’re not alone.

Our new report shows about 80 per cent of Australians find retirement planning complicated and about 60 per cent of Australians expect that their retirement will be financially stressful.

But there are three things the government could do to simplify superannuation – so Australians can enjoy their retirement.

On the latest podcast, Brendan Coates and Joey Moloney discuss their new report, Simpler super, and how these three reforms could take the stress out of retirement.

Chapters
00:00 Introduction: The Overwhelming Task of Retirement Planning
00:44 Understanding the Stress of Retirement Planning
02:43 The Complexity of Superannuation and the Age Pension
05:31 The Case for Annuities
08:57 Government's Role in Simplifying Retirement
13:10 The Importance of Free Financial Advice
16:46 Ensuring Super Funds Deliver for Retirees
19:30 Conclusion and Call to Action

[johnoneill]

Please, leave me to take responsibility for my own life outcomes and let me manage my own retirement, free of government meddling. I spent 45 years setting myself up for retirement, adjusting strategy with each new government policy or impost. I neither need nor welcome Grattan's paternalism. I'm sure some do, but please don't encourage government to interfere with arrangements that those of us with forethought and intellect have made.

[XoXoFohb]

My money, My rules! I decide what to do with my money and I m ok if I m broke or rich because of MY decisions!

[pf]

This is a bad idea. What about nursing home bonds, and fees and other charges? Not everyone owns a house!

[jg]

Genius... because retirees don't voluntarily purchase low return annuities, coerce them to hand their retirement savings to the government and buy a low return government annuity. Blow up any confidence in private savings through superannuation and make everyone reliant on the government through the age pension. It either works or it doesn't, either way the government gets control of your retirement.

[gryphus]

So some genius believes that by holding on to our money for an additional decade or so, with no residual to be left over, it is best for a large bureaucracy be gifted the funds to take an annual fee from these and then to keep any residual amount? no inheritance and another huge Union Boondoggle? If you have an annuity and think you will be able to live very well on $110, 000 per year and feel very secure, when it comes time to retire you find the funds are able to purchase a peach and a banana? The sooner people get hold of their superannuation the better! If people collecting their superannuation decide to reinvest with a managed fund that would be a different idea. Only the very poorest like this idea. Annuity providers will want a medical check and blood tests and only the most unwell will be accepted as the shorter one's life the more they keep! The most stupid idea I have ever heard and Australians should say absolutely NEVER!