The Australian Securities and Investments Commission (ASIC) is urging retirees and Australians preparing for retirement to approach licensed financial planners for help with their finances during Financial Planning Week, rather than relying on risky investment schemes to save their funds.
“Given the current state of financial markets, we encourage anyone thinking about retirement to seek profession advice. How you plan your finances for retirement is a complex decision and getting it wrong could cost you more than you think,” said Delia Rickard, ASIC senior executive leader, consumers and retail investors.
“When markets go down and eat into your savings, investors can sometimes try to catch up by putting money into investment schemes that promise higher returns but are also extremely risky. A professional adviser will help you choose investments that suit your needs,” she said.
Working together with a licensed financial planner to create a budget plan to make your money last, investigating government benefits, and investigating the tax effectiveness of different products was more important than just choosing a retirement income product, Rickard said.
