Along with this raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.
As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.
This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.
Australia still ranks near the Top of the World in Retirement Security Rankings.
For the 4the consecutive year, Australia has ranked near the top in the world retirement security rankings. The Natixis Investment Management Retirement Index (GRI) assessed 44 countries on retirement security covering factors such as: gender equality; health; environmental factors and finances.
In the most recent survey Australia finished in 7th place, with Iceland finishing 1st. In the finance component Australia finished in 3rd place, due to its compulsory superannuation system. However, Natixis highlighted, many Australians will still retire with balances too low to sustain their lifestyles in retirement. Natixis also pointed out that it is too soon to ascertain the full impact the early release scheme (introduced due to the Covid-19 pandemic) may have on the Australian superannuation system noting it could have a detrimental effect when assessing Australia in future surveys.
“Always do right. This will gratify some people and astonish the rest.” – Mark Twain.
