Australia is facing a retirement adequacy dilemma of tsunami proportions with 35% of the population aged over 60 by 2025. This wave of people transiting across and in retirement is expanding rapidly, presenting with diverse needs and expectations, placing immeasurable demands on a system stretched to cope adequately enough to provide a secure, comfortable and sustainable retirement outcomes for all.
Compounding the problem is Australia’s high life expectancy rate posing the threat of retirees outliving their savings, in addition to the increasingly uncertain times Australians are
Australia’s once buoyant economy is now stalling and with the FSI under increased scrutiny resulting from the Hayne & Productivity Commission reports, and ever changing reforms, Australians are feeling unsettled, from those trying to navigate the complexity of retirement financial decision making and associated risks, to even the most disengaged starting to question and lose confidence in the
Broken down further, various cohorts ranging from disadvantaged groups with minimal savings and low super balances feeling condemned to face retirement in poverty to younger generations struggling to save sufficiently through changing work structures, high house prices and living costs. Along with
older retirees facing ageism discrimination, declining health and costly health and aged care, & stresses of living in a high tech, digital world, these pressing issues are all fuelling the need to urgently address and find workable and sustainable solutions.
COLLABORATIVE AND HOLISTIC APPROACH:
To address these challenges, playing catch up with short sighted and siloed strategies is insufficient. A collaborative and holistic approach with longer term planning, vision and commitment must be enacted.
Although positive steps are being taken, from the Government’s policy requirement to superfund trustees to support a retirement income funds obligation, and fair, professional, comprehensive advice provision, that works in the best interests of members, in addition to optimal default retirement product development, CIPRS, there is still a way to go.
The Productivity Commission’s findings highlighting the underperformance of many superfunds has compelled the government’s recent disclosure of plans to reshape the industry through consolidation, and the need for a single default account initiative to limit multiple account holdings and associated duplicated fees and costs.
Continued collaboration between government, industry, regulators, advocacy groups and other parties taking an integrated and holistic approach focusing on areas including health and aged care system improvements, housing accessibility, a fairer age pension structure, increased super savings and work opportunity programs and bonuses for older Australians is imperative to success.
This 6th annual two day event will investigate, dissect & disentangle this minefield of issues with prominent thought leaders and practitioners across all stakeholder groups providing invaluable collective insights and expertise, in content rich solo and panel sessions, with candid discussion crossing over ideological divides encouraged.
Attend this event to listen, learn and contribute to the ongoing discussion to forge the best way forward to ensure fair, secure and sustainable outcomes for the Australian retiree sector.
WHO SHOULD ATTEND:
Senior personnel from Superfunds, SMFS, financial advisers, insurance providers, government, agencies, banks, regulators, lawyers, retirement income consultants, advocacy groups, academics, researchers, industry commentators, software service providers.