The Pillars of Retirement Income

Mywealthchoice08 Oct, 2024Finance

While older Australians are reportedly among the wealthiest retirees in the world, much of their wealth is tied up in their family home, leaving many to worry about how they will find the money to pay for their day-to-day expenses when they stop work. This fear is made worse by estimates from the Association of Superannuation Funds of Australia that the minimum cost of a comfortable retirement for a single person in Australia is roughly $50,000 a year, while for couples, it’s $70,482.During the past two decades, Australians have been able to rely on the so-called ‘Three Pillars of Retirement Funding’. These include the age pension funded by the Federal Government, compulsory superannuation and voluntary savings.