Industry fund pushes advice as members delay retirement

An industry superannuation fund has identified the need to deliver strategic financial advice to members in circumstances where cost of living pressures are prompting many to delay their retirements until well into their 70s.

The fund, Equip Super, has conducted research revealing that only a quarter (26%) of workers plan to retire at 65 with many planning to delay their exit from the workforce by up to six years taking them swell into their 70s.

The same research found that 39% of those surveyed listed cost of living as the reason for delaying their retirement.

Commenting on the survey findings, Equip Super head of advice, Paul Stocker said it highlighted the benefits of strategic financial planning in helping members to meet their retirement goals.

“Coping with the escalating cost of living is a shared concern for many Australians. We understand the financial difficulties that people encounter while planning for retirement, and we sympathise with those who are delaying retirement. By adopting strategic planning efforts, we want to help Australians retire when they choose to, rather than when they are forced to,” Stocker said.

“In times like these, it’s essential to have a solid financial plan in place, and managing your super is a crucial aspect of that plan,” he said.

Stocker pointed out that all Equip Super members have “access to free general super advice at no additional cost as part of their membership”.

He also said that members have access to financial planners to design a more comprehensive financial plan.

The Equip Super survey covered 2000 respondents selected at random.