Last week the Grattan Institute’s released a report titled “Money in Retirement – More than Enough”.  In this they say that that “average worker today can expect a retirement income of at least 91 per cent of their pre-retirement income”.  This analysis seems to rely heavily on the assumption that the age pension will continue on as it.

But this is a very big assumption as Paul Keating, the architect of the current superannuation system has publicly stated

“… the costs involved in providing retirement incomes for ever expanding ageing populations is so large as to dwarf the otherwise helpful influences flowing from most of the suggested remedies” (for example more immigration of younger people, higher participation rates by women, older workers staying in employment).

Even the Grattan Institute in this report says “future budgets will not be able to fund aged care and health at the same level as today, which is the real threat to adequate retirement incomes in future.”

At some time in the future, things will change with the pension.

Chances are that:

• the means test will get tighter; and / or,
• the eligibility age for the pension will increase; and / or,
• pension increases will be lower; and / or,
• health care costs will take up more and more of your retirement incomes.

So don’t just sit there and think you will be ok. Take responsibility for your own future today.

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Do you and your family a favour and start taking steps so you can improve the health of Your Wealth and get off the treadmill of working till you drop.

Wayne Wanders

The Wealth Navigator

wayne@thewealthnavigator.com.au

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