Self-funded retirees need assistance

Self-funded retirees who do not receive the Age Pension are suffering financial hardship due to the COVID-19 pandemic with no support from the government, according to the Association of Independent Retirees. 

Wayne Strandquist, Association of Independent Retirees president, said it had made the following suggestions to the Federal Government to help self-funded retirees remain self-reliant: 

• An increase in the range of lifetime retirement income stream products available from superannuation providers that achieve better returns than traditional annuities; 
• A requirement for no minimum superannuation drawdowns for all retirees during the current investment market slump caused by the COVID-19 pandemic; 
• Broaden the superannuation drawdown age ranges and reduce the minimum drawdown percentages for retirees over age 75 so they can fund increased longevity and higher aged care costs; and 
• Abolish the work test required for superannuation contributions from age 65 to 75.  

“The Association of Independent Retirees acknowledges the unprecedented steps taken by both Federal and State Governments to control the COVID-19 health impact on the Australian population and the economic consequences,” Strandquist said. 

“We look forward to the concerns of self-funded retirees being considered in the recovery initiatives of the Government.”