The Australian Securities and Investments Commission (ASIC) has launched a Moneysmart Retirement Hub that collates practical tools, calculators and guidance to help people plan for retirement.
The release follows national research that found 48 per cent of Australians aged between 50 and 66 are worried they will run out of money in retirement. Another 32 per cent expressed the feeling they are already behind in their preparation for retirement and only 18 per cent indicated they have a clear retirement plan in place.
“It’s natural to feel uncertain about retirement, but without a clear plan in place and that uncertainty can quickly turn into anxiety about whether you will have enough money,” ASIC commissioner Alan Kirkland said.
“The new resources on Moneysmart can help people move from worry to clarity – through simple, trusted tools and information to help them understand how they are tracking and plan for their future with greater confidence.”
The Retirement Hub’s retirement planner lets people see how much income they could generate from their superannuation when they leave the workforce, in combination with the age pension and other income sources. It helps them understand whether they are on track for the retirement they want and enables them to see how different scenarios could affect their income over time.
The commissioned research, which surveyed over 2000 Australians online, also found only 26 per cent of pre-retirees demonstrated a strong understanding of retirement finances, although 41 per cent expressed confidence they can manage their financial situation in retirement. However, 46 per cent reflected they have low financial literacy and financial confidence. On a positive note, 58 per cent reported they wanted to learn more about superannuation and retirement.
The regulator stated with 2.5 million Australians expected to retire over the next decade, it was making it a priority to understand their needs and provide them with appropriate tools to help them make sound financial decisions.