The Federal Government’s changes to Australia’s superannuation regime will add 16 per cent to accumulated assets by 2020, according to research undertaken by Rice Warner Actuaries.
A seminar hosted at Parliament House this week was told that Rice Warner estimated that the superannuation market would be worth $2,343 billion by 2020 and that this, and other changes, meant that a greater number of Australians would live comfortably in retirement.
“However, increased longevity means that members will need to save far more for a comfortable retirement,” it said.
Rice Warner said that the shift to higher levels of self-sufficiency in retirement would assist the Government in diverting expenditure into the rapidly growing health sector as the baby-boomers enter their retirement years.
