ASIC updates Moneysmart site with new retirement resources

In a direct response to new research that found Australians remain largely concerned about running out of money in retirement at the same time as wanting to gain more confidence to plan for the future, the Australian Securities and Investments Commission (ASIC) has launched a new online ‘hub’ of retirement resources.
Provided as an update to the Moneysmart consumer website, the Retirement Hub brings together a range of practical tools, calculators and guidance to support Australians’ retirement planning.
This comes as an ASIC-commissioned survey of 2,065 Australians aged between 45 and 75 found 48 per cent of respondents aged 50 to 66 were worried they will run out of money in retirement, 32 per cent feel ‘behind’ in preparing for retirement and only 18 per cent have a ‘clear’ retirement plan.
In addition to the resources, the hub also offers a Retirement Planner tool designed to help Australians see how much income they could have in retirement from their superannuation, the Age Pension and other income sources; understand how on track they are for the retirement they want; and explore how different scenarios could affect their income over time.
The research also found only 26 per cent of pre-retirees had a ‘strong’ understanding of financial concepts related to retirement, at the same time as 41 per cent felt confident they could manage their finances in retirement.
Approximately 46 per cent of respondents said they had low financial literacy and confidence when it comes to managing their finances in retirement and 58 per cent of pre-retirees said they are interested in learning more about superannuation and retirement.
ASIC Commissioner, Alan Kirkland, said the launch of the hub is intended to address the ‘confusion’ surrounding the ‘complexities’ of retirement planning, ahead of an expected 2.5 million Australians retiring in the next decade.
“It’s natural to feel uncertain about retirement but without a clear plan in place and that uncertainty can quickly turn into anxiety about whether you will have enough money,” he said.
“The new resources on Moneysmart can help people move from worry to clarity – through simple, trusted tools and information to help them understand how they are tracking and plan for their future with greater confidence.”









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