Fri, 28th Feb 2025

In this episode of the Financial Services Online Weekly Superannuation News Wrap, we delve into the distressing issues faced by Australians looking at looming retirement. With increased living costs, retirement is becoming a luxury, causing many to delay their plans. A shocking 75% of retirees admit to struggling to cover essential costs based on their pension, in particular, affecting those without homeownership. Despite all this, engagement with financial planning and consultancy is increasing. However, confidence is plummeting, with only 64% of pre-retirees feeling secure financially. The Super Members Council is pushing for super reforms to address the issue of unpaid superannuation, proposing a shift in payment cycles that could help secure the futures of almost nine million Australians. Despite these challenges, the industry is pushing for a collaborative approach to providing sustainable solutions for all.