Retirement planning made easier
Working out how much money you will have for each year of your retirement has been made easier with the launch of a new online MoneySmart tool.
Located on the Government's consumer finance website, MoneySmart.gov.au and developed by the Australian Securities and Investments Commission (ASIC), the new online tool can provide an estimate of income in each year of retirement, and also provide practical tips on how to boost superannuation savings.
As well as the new MoneySmart tool, ASIC has launched a new publication, Financial Decisions at Retirement, which clearly explains the financial choices available to people at retirement and the pros and cons of each retirement income option. The guide has been developed to complement professional financial advice.
The new tools will help to improve awareness of the need to plan early for retirement. People often put off planning for their retirement, but the earlier one starts, the better off a person will be.
"These new MoneySmart resources will help people to take those important first steps. Estimating how much superannuation you will have in 20 or 30 years' time gives you the chance to do things that will boost those savings now,” said Parliamentary Secretary to the Treasurer David Bradbury.
MoneySmart is part of the Government's commitment to improving the financial literacy of all Australians.
"Financial literacy plays a central role in encouraging people to think about the importance of planning for their retirement from a young age, to set goals for their long-term savings and to take an active interest in the investment decisions they make and that are made on their behalf," Mr Bradbury said.
To view, download or order copies of Financial Decisions at Retirement, or to use the new online retirement planner, visit www.moneysmart.gov.au.
9 November 2011.