The SMSF Club | How does Australia compare to the rest of the world when it comes to our elderly?
15703
post-template-default,single,single-post,postid-15703,single-format-standard,ajax_fade,page_not_loaded,,qode-child-theme-ver-1.0.0,qode-theme-ver-7.6.2,wpb-js-composer js-comp-ver-4.12,vc_responsive
 

How does Australia compare to the rest of the world when it comes to our elderly?

how-does-australia-compare

17 Sep How does Australia compare to the rest of the world when it comes to our elderly?

The recent Global AgeWatch Index has shone a light on a disturbing statistic for Australia.

35.5% of Australian’s over the age of 60 currently live in poverty.

Considering we are one of the wealthiest countries in the world this troubles me greatly.

This is brought forward in my mind by the knowledge that the pension age for many of us will be 70+ instead of 65.

So what can we do to protect our and our families’ lifestyles into the future?

The government has already provided us with the vehicle we need for our retirement, being our Superannuation. This is why both of the major parties agree we need to continue to increase the amount and percentage of our incomes that we add to Superannuation every year.

For better or for worse the age pension is being re-designed as a case of last resort. In the old days, Australian’s worked until they were 60, downsized to a smaller house and used to proceeds and the pension to pay for their retirement.

Now we no longer have that luxury. The overwhelming cost of paying for an ageing population has meant we need to start growing our Superannuation today.

Currently 20.1% of our population is over the age of 60, by 2050 the percentage will increase to 27.6%.

Take your Super seriously and start looking at the most effective ways you can continue to grow your Superannuation. The adage that‘your home is your biggest asset’ should no longer be the case.

To help we are running live mentoring events this month and into November to show you how our SMSF clients learn about the latest investment trends, how to remain a compliant trustee, the insurances you should consider when starting your SMSF and much, much more…