Will super support the next generational wave of retirees?

The next wave of retirees may face challenges in retirement without improved access to financial education in super.

According to a 2023 discussion paper about “reimagining” retirement by the Actuaries Institute, Aussies are worried about outliving their retirement money and could be living more frugally than necessary. This suggests a lack of confidence when it comes to managing finances and reflects how things have changed over time. 

Independent superannuation adviser, Stephen Huppert says retirement has evolved significantly and many people will choose not to follow conventional retirement patterns. 

“The needs of people who have 20 to 30 years of retirement ahead of them are going to be very different to those who in the past had only a decade or so,” said Huppert. “It’s time to reimagine retirement and get the system up to scratch.”

Alongside Huppert, former chairman of the Self Managed Super Fund (SMSF) Association and experienced non-executive director, Andrew Gale has called on the government to make some changes. These changes include establishing a framework that enables super trustees to provide Aussies with specialised help, guidance and advice (HGA) on matters such as paying down debt, potential future living expenses and income needs in retirement. 

Consider your super plan

Even if your plans for retirement aren’t for a long while, it’s never too early to start planning ahead of time. By taking the steps to learn more about super and money management, you may be able to enjoy a retirement with less financial stress.

Additionally, it’s important to consider speaking with a financial adviser as they can help you work through your finances and come up with a plan that’s specific to your situation and retirement goals. 

If you’re on a quest to know more about super, why not browse our superannuation guides hub and start preparing for your future.