- 1 September 2017
A Super Fail: 80% Retire On Pension Benefits
Sobering news through in The Australian this week, showing that despite 25 years of compulsory superannuation, about 80 per cent of people still retire on to at least a part Age Pension or benefits and half of all singles are retiring with total assets of less than $100,000.
Research obtained by The Weekend Australian reveals half of all couples retire on to a part-pension holding investment assets, excluding their home, of $500,000 or more.
There are about a million retirees with between $10,000 and $50,000 in savings accounts while another 1.4 million retirees have less than that.
The analysis also reveals that a majority of people with modest savings keep them in lower-paying term deposits rather than superannuation accounts. Only 16,000 have declared they have share investments worth more than $10,000, while 265,000 have more than $10,000 in managed investments.
The 2015 InterGenerational Report warned that the share of the population dependent on an Age Pension would barely change over the next 40 years although the share on part-pensions would rise. It said the cost to the budget could soar from 2.7 per cent of GDP to 3.6 per cent unless the indexation rate of Age Pensions was cut and the pension age increased to 70 years!
So . . . if you know that house prices are inexorably rising as per below:
The cost of housing has continued to rise across most parts of the country over the past 12 months, pushing the proportion of homes selling for at least one million dollars to new record highs.
Where would you choose to invest in??
What about the State with booming population growth and a “network of cities’’ unrivalled by any other capital??
Leading demographer and social researcher Bernard Salt’s exclusive research for The Courier-Mail’s Future Brisbane says Queensland’s capital over the next decade will join Sydney and Melbourne as Australia’s global cities!
Property Club being the leaders in Wealth Creation through property for 20+ years now, with over 20,000+ properties settled by Club members is in the enviable position of being best placed to assist YOU to have a retirement avoiding the pension!
Contact your Property Mentor for guidance and assistance on the best deals we have at the moment and let us show you how to avoid the pension!
Have a great weekend and catch you next week!
Troy Gunasekera
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