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.
How do Australians feel about retirement in the wake of covid-19?
Australians have become more pessimistic about the quality of their retirement in the wake of COVID. According to research by Colonial First State:
- 45% of Australians are not feeling confident about their retirement prospects
- 23% of respondents between the ages of 30 and 65 believe they will need to delay their retirement age
- Over 55’s were the most confident age group, with the majority believing their retirement plans will be unaffected
- Australian between the ages of 35-49 were the most worried about their quality of life in retirement, especially women, with a third indicating they will need to delay their retirement
“If something is unsustainable it will stop” – Herbert Stein.
