It is clear that Australians need better retirement-income products. Annuities make some sense, yet their uptake is low. But change looks to be on the horizon.
Australia’s $3.9 trillion superannuation system may be world-class, but it needs to be better.
The big challenge is helping Australians spend their retirement savings better. By the mid-2040s, most retiring Australians will have received the 9 per cent superannuation guarantee for the duration of their working lives. They’ll leave the workforce with hefty super balances.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
