There are concerns the budget extension of lower pension draw-down rates will encourage better-off retirees to leave their wealth to their family rather than spend it.
No one wants to spend their retirement worrying about money. It’s the motivation that drives the fundamental purpose of superannuation – to provide income in retirement.
Australians are pretty good at saving their superannuation, industry members and the Treasury says. The challenge is encouraging the more wealthy to spend it.
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Lucy Dean writes about wealth management, personal finance, lifestyle and leisure, based in The Australian Financial Review's Sydney newsroom. Connect with Lucy on Twitter. Email Lucy at l.dean@afr.com
