Friday, 2 September 2016

Can advisers make you feel more retirement ready? Australia says they can.

An interesting fact about Australians using financial planners or advisers: those who have an adviser are four times more likely to feel financially ready for their retirement, than those who don’t. 77% of Australian pre-retirees who haven’t enlisted the help of financial experts don’t feel prepared for retirement, according to the white paper from Maritime Labor Convention (MLC) the wealth management division of National Australia Bank.

In line with the paper, 35% of those using a financial adviser feel more prepared and financially secure; 23% use an accountant and only 9% use no financial professional at all.

Only 54% of Australians believe their superannuation fund will be enough for their retirement. Those with advisers (76%) and those with accountants (63%) won’t be able to rely on their ‘super’ in retirement.

The report provided a good example of how a gifted A$50,000 (£29,144, $38,122, €33,656) would be spent by Australians. As expected, most would use their money on things like their mortgage, before topping up their retirement fund. On average, people would add A$3,705 of the A$50,000 gift to their pension.
However, those with financial advisers would add A$6,798 (83% more), while those using other financial professionals would add A$4,564, a top up of 23%. Those using no financial professionals at all would add around a quarter less, at A$2,795.

Just Service can, upon request, access various retirement products and can assist you with reviewing your retirement planning, including whether you would like to consider an early retirement or moving your pension. Request a call back on our website and one of our Just Service licensed experts will contact you for a private discussion.

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