Treasurer Jim Chalmers has flagged moves to require superannuation funds to work harder to deliver steady income for Baby Boomers entering retirement.
Treasurer Jim Chalmers has flagged moves to require superannuation funds to work harder to deliver steady income for theand to explain why annuities have not been taken up with “sufficient enthusiasm”.
“Half of retirees draw down the minimum and, on average, people who draw down the minimum will still have about a quarter of their super remaining when they pass on,” he told an annual superannuation lending roundtable hosted by“What that really means is people are living more frugally than they need to. There’s not enough confidence in their balances, there’s not enough diversity or flexibility in products in the market or literacy or advice or strategies to match people with these products.
criticised super funds for having largely ignored a new obligation to help members prepare for retirement. “We’re trying to come up with products which maximise income, manage longevity risk and provide flexible access, so that people have a degree of comfort.”
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