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.
Keep up the savings Aussies, as you will be living for a long time.
Recent data from Australian Government Actuaries (AGA) highlights a strong focus needs to be placed on ‘Longevity Risk’ (the risk you outlive your savings) when reviewing your financial plan.
Mortality rates have again fallen over all age groups as reflected in the AGA 2015-2017 life tables. While female mortality continues to be less than male mortality, life expectancy for men and women at age 67 is now 18.2 and 20.4 years, respectively. Digging a bit further into the stats shows that 25% of males and females that make it to age 67, will live to 93 and 95 respectively.
Interestingly, if you are a Self-Managed Super Fund trustee, the news is even better, as your longevity statistics exceed these averages. So get some expert financial advice and make sure you are implementing savings strategies to maximise your retirement wealth and let the magic of compounding work for you from as early an age as possible.
“Compound interest is the most powerful force in the universe.” – Albert Einstein.
