Julie Slapp
AMP Super is helping more Australians confidently convert their superannuation balances into lifetime income with a market-first retirement package.
It brings together an income stream for life, a temporary boost to support with home care and simple online tools to plan and manage retirement income. Combined the solutions are designed to empower retirees to spend their savings and live more fulfilling lives.
Retirement worries
The package comes as new findings reveal a heightened sense of anxiety before retirement – with 54% of Australians aged 58-60 and 50% of those aged 61-65 reporting they “often feel stressed or overwhelmed” when thinking about their finances[1]. They echo AMP’s Retirement Confidence Pulse[2], which showed that just half of Australians feel financially confident about retirement.
Aged-care anxiety
Further, a report released earlier this month found that between November and March, wait times were on average 12 months[3] for Australians to access government funding support for ongoing care in a residential aged care home or support at home. Meanwhile, AMP research found that 7 in 10 Australians over 65 worry about the cost of aged care, which is addressed with this package.
The new package includes three core components:
1. Higher levels of income
At the centre is the new AMP Lifetime Retirement Income, which provides members confidence their income will last for life with the flexibility they need. Members are expected to spend an average of 60% more in retirement than they would without the solution[5].
2. Extra income for home care
AMP Super members can now receive a 20% increase to their lifetime income for two years when they become eligible for high-level in-home care[6], helping provide additional support during a period of transition and uncertainty.
3. Online help in the form of digital financial advice
A new tailored online experience guides members through their options, helping them understand their projected retirement income, compare strategies, and receive personalised recommendations.
Julie Slapp, Director, Growth & Customer Solutions, AMP said this marks another important step forward for Australia’s super industry to help more of our members retire with confidence.
“Australia has built one of the world’s strongest super systems. The unmet challenge is helping members confidently turn their super into income they actually use.
“We know that too many Australians remain uncertain about retirement – whether they have enough savings, how long it will last, and how to make the right decisions.
“This offering provides the confidence of income for life, the potential for higher income, and the guidance members need to make informed decisions.
“Super was never meant to be just a balance on a screen. It was designed to deliver income, security and choice in retirement. Our focus is helping members feel confident spending their super and enjoying the years ahead, knowing they have support in place.”
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