Retirees need financial certainty in retirement


NOTE: This article is older than 12 months
"The recent Federal election result reinforces a principle that we have constantly recommended to successive governments that retirees require certainty when they plan their retirement finances, especially those who rely on modest investment income and don't qualify for the age pension," said Mr Strandquist, Acting President of the Association of Independent Retirees.
"Our Association acknowledges that from time to time there may be a need to increase spending on such areas as health, aged care, education and infrastructure, but targeting particular concessions and taxes or particular demographics creates unfairness and discrimination in the community", said Mr Strandquist. 
"If a large increase in revenue is required, then a comprehensive review of all taxes, concessions, royalties and excises and other revenues should be undertaken. This wide-ranging review should include a thorough impact assessment using current data to ensure that vulnerable members of the community are protected." Mr Strandquist added. He further noted that "Retirees are used to living within their means and maybe politicians should consider a similar approach when devising government expenditure policies".
Following the Federal election result, partly and fully self-funded retirees are relieved that they will not be disadvantaged through any changes to current legislation that applies to retirement savings, superannuation, Australian share dividends and franking credits, capital gains tax, negative gearing of investments (including property) and family trusts.
Our Association notes the Federal Treasurer's recent comments that he is positively disposed to a review of the retirement income system as proposed by the Productivity Commission. This and many other recommendations made by the Productivity Commission and the Banking Royal Commission still need to be progressed.
"The Association of Independent Retirees looks forward to providing input on any review of the retirement income system or other recommendations that may be initiated by the newly elected Government", said Mr Strandquist.
"However, we would be concerned if self-funded retirees of modest means, many of whom are on a part age pension, were disadvantaged by changes to legislation that impacted their current retirement income arrangements." Mr Strandquist emphasised. 
Business Business & Economy Community Money & Finance Seniors

Association of Independent Retirees :
PO Box 332, Launceston, Tasmania,7250 ​, Australia Wide
07 3012 6470
Association of Independent Retirees
Showing 4 recent articles for this business
Self-Funded Retirees Seek Assistance 19 May 2020 | "Many self-funded retirees who do not receive an aged pension are suffering financial hardship due to the economic impact of the Coronavirus pandemic with little or no support from the Government," said Mr Stra... More information...
Retirees who saved for their retirement overlooked by Government 13 May 2020 | Self-funded retirees have been overlooked in the initiatives announced by Government to support business, workers and social security recipients to cope with the impact of the Coronavirus pandemic", said Mr Wayne... More information...
Retirees seek relief on superannuation drawdown 22 March 2020 | Legislation requires retirees to draw a minimum percentage from their superannuation pension account (usually drawn monthly). Being forced to withdraw from superannuation when the value of the account is substa... More information...
Triple whammy hits self-funded retirees 16 March 2020 | Retirees who partly or fully self-fund their retirement are reeling from the triple whammy of reduced interest rates, the savage fall in share prices and the unintended travel costs", said Mr Wayne Strandquist... More information...

comments powered by Disqus

All articles submitted by third parties or written by My Sunshine Coast come under our Disclaimer / Terms of Service