Current economic and investment market conditions are making times difficult for retirees and those planning to retire. Rises in living costs, medical costs and interest rates along with volatile investment markets may lead to worry about running out of money in retirement.
AustralianSuper have few helpful tips to consider:
1. Stay up to date on current economic conditions
Investment markets and economies are changing, and both move through stages that are hard to predict. Volatility is normal when it comes to investing and historically investment markets have increased in value long-term (1).
2. Review your investment options
If you’re worrying about fluctuations in your super it may be worth reviewing your investment options to ensure you have the right investments for your circumstances
and comfort level. AustralianSuper offers members a range of retirement investment options with different objectives and risk levels to suit circumstances and risk preferences.
3. Downsizing your home may help boost your super
If you haven’t quite paid off the mortgage, downsizing to a smaller home may help you to pay off debt. And if you’ve paid off the mortgage, downsizing could leave you with extra money to support you in retirement. You may be eligible to put some of that money into super as part of the government Downsizer Contribution initiative. Eligible Australians are able to make a one off contribution to super of up to $300,000 from the proceeds of downsizing their home.
For full eligibility criteria please see the ATO website.
4. Seek out the Age Pension option
It’s important to remember that the Age Pension can be an option — giving a safety net if retirement savings reduce or run out . The Age Pension helps to provide a basic standard of living for eligible Australians who are unable to fund their retirement.
5. Strengthen your financial literacy with seminars or webinars
AustralianSuper runs seminars and webinars throughout the year to help members understand their super options, investment strategies and the state of investment markets, and our economy.
See the list of options available to you.
6. Seek expert advice
If money worries continue to keep you up at night, speak to a financial adviser. AustralianSuper can provide access to a team to assist in working through financial needs for each stage of your retirement (2).
Sponsored by AustralianSuper
(1). Investment returns aren’t guaranteed. Past performance isn’t a reliable indicator of future returns. (2). Personal financial product advice is provided under the Australian Financial Services Licence held by a third party and not by AustralianSuper Pty Ltd. Fees may apply. This information may be general financial advice which doesn’t take into account your personal objectives, financial situation or needs. Before making a decision about AustralianSuper, you should think about your financial requirements and refer to the relevant Product Disclosure Statement available at australiansuper.com/pds or by calling 1300 300 273. A Target Market Determination (TMD) is a document that outlines the target market a product has been designed for. Find the TMDs at australiansuper.com/tmd. Sponsored by AustralianSuper Pty Ltd, ABN 94 006 457 987, AFSL 233788, Trustee of AustralianSuper ABN 65 714 394 898.