FPA responds to the Government’s release of the Retirement Income Review

From

Dante De Gori

The FPA welcomes the Government’s release of the Retirement Income Review, which recognises the importance of financial advice to Australians planning for their retirement.

The Review found that while Australia’s retirement income system is strong, it remains overly complex and requires greater balance between its three pillars of the age pension, superannuation and voluntary savings, including home ownership.

The FPA, in its submission to the Review, called for the three pillars to be better integrated and aligned with a single clear purpose to promote Australians’ understanding and confidence in the retirement income system.

Improvements in financial literacy and access to affordable financial advice remain essential to help Australians prepare for their retirement. The FPA supports the Review’s recommendation that the Government address the barriers to seeking and accessing financial advice, including the cost of advice.

The FPA looks forward to engaging with the Review in greater detail over the coming months and working with the Government on options to improve the retirement income of all Australians.

By Dante De Gori CFP®, CEO

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