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.
Are Aussies afraid of running out of money in retirement?
A recent Morningstar report found 52% of Australian investors were very concerned that they would run out of money in retirement. This concern was also notably higher in women at 59% compared to men at 47%. A large part of the concern for women is that they will live 2-3 years longer than men on average.
As 50% of women that turn 66 in 2020 are expected to live into their 90’s, it is vital that investors seek expert financial advice as early as possible to help insure they have appropriate strategies in place to combat longevity risk.
“Tell me and I forget. Show me and I remember. Involve me and I understand” – Benjamin Franklin.