Thursday, November 3rd, 2011
The Association of Financial Advisers (AFA) congratulates the Minister for Financial Services and Superannuation, Bill Shorten, for taking the first step towards ensuring a better standard of living in retirement.

“Minister Shorten is to be congratulated for taking what we consider to be a very important step forward,” said AFA CEO Richard Klipin. “In moving for the Superannuation Guarantee (SG) to be lifted to 12 per cent, the Government is helping Australians better prepare for retirement and relieving what had the potential to become a crippling tax burden for taxpayers.”

Minister Shorten today introduced legislation into the House of Representatives to increase the superannuation guarantee to 12 per cent.

“Minister Shorten has identified what the financial advice community has been highlighting for years – that while currently only three million people in Australia are over the age of 65, by 2050 the number will have more than doubled to around 8 million,” Mr Klipin said. “That represents a population top-heavy with people who have retired from the workforce, which will put a huge tax burden on the country. Measures that relieve that burden, such as increasing the SG to 12 per cent, and which will also provide the superannuation account balances they need in order to live in dignity in retirement are welcome,” he said.

Mr Klipin said financial advisers are well-positioned to help people deal with larger superannuation balances and work with them to meet their retirement goals.
“What we know from our Back to Basics research is that people who are in an advice relationship are not only better off financially, but are happier, more engaged with their finances and have a feeling of certainty and control over their financial future,” Mr Klipin said. “An increase in the Superannuation Guarantee means that Australians will have larger superannuation account balances. Financial advisers have the skills, knowledge and experience to help people to make the right decisions about their superannuation and better prepare for retirement.”

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Keywords

AFA, Association of Financial Advisers, financial advice, financial advisers, Bill Shorten, superannuation, SG, superannuation guarantee

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