Guide to Retirement Income 2021
A global pandemic represents a real challenge for those giving advice around retirement incomes, but there are plenty of strategy sign posts available. Barely six months after the Federal Treasurer, Josh Frydenberg, received the recommendations of the Retirement Income Review (RIR) and amid the continuing impacts of the COVID-19 pandemic there has rarely been a more important time for financial advisers to be delivering clear messaging around retirement incomes.
Indeed, one of the key recommendations contained in the RIR final report was the need for both education and advice around retirement incomes – how much is really enough and how retirement incomes adequacy can be achieved? The COVID-19 pandemic has also delivered some important lessons around how those approaching retirement should position themselves for handling the unexpected – something which makes AMP Limited’s advice around sequencing risk both timely and important.
As the AMP article states – the COVID-19 outbreak has delivered investors, and particularly pre-retirees, a serious wake-up call. With the Federal Budget only a matter of weeks away, there will be many eyes on how much of the RIR recommendations will be reflected in policy as we move further into 2021 and, thereafter, an election year. Getting the settings right has never been more important.
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