Retirement educator Bec Wilson, writing in The Age and Brisbane Times, said funds are moving beyond traditional seminars toward engaging webinars, courses and structured education programs. More funds are creating dedicated sections on their websites explaining the age pension and how it works with super.
More funds are also offering interactive retirement planning tools that let people test scenarios such as retiring earlier or later, and calculators for retirees to see how long their savings might last.
Another development is the growing availability of affordable advice, including digital advice services and easier access to speak with someone about retirement income and investment choices. Some funds are starting to find ways to include a partner’s circumstances in their advice.
Behind the scenes, Wilson noted improvements in complaints handling and call centre services in some funds, as well as greater attention to fraud and cybersecurity risk this year.
However, she said funds are taking longer to develop more sophisticated digital advice offerings and lifetime income retirement products. Ian Fryer, general manager of Chant West, said he expects considerably more activity in these areas over the next two years.
Wilson also identified one area needing more work: helping people know how much they can afford to spend in retirement. She said too many retirees simply draw the legislated minimum drawdown when they could comfortably afford more.
The Epic Retirement Tick was developed by Wilson in partnership with Chant West. She noted that she has various commercial arrangements with a range of organisations, including superannuation funds. Between 150,000 and 200,000 Australians enter retirement each year.