A new White Paper, prepared by Rice Warner for the Actuaries Institute outlines the financial risks facing future retirees based on their current age and wealth profile.
Estelle Pearson, the President of the Institute, said: “The White Paper establishes guiding principles for policymakers as they attempt to balance the fiscal pressure facing the Government and financial stress facing many Australians as they save for or enter into retirement.”
What are the retirement risks?
Retirement risks differ depending on your current age and how many years of compulsory superannuation you have received. Superannuation having not become compulsory until 1992, many current workers have not had the benefit employer contributions throughout their entire working life.