We all know how important it is to save enough money for retirement – but what about spending it wisely when we get there?
Even for those who have built up a suitable nest egg, managing money well in retirement isn’t necessarily straightforward. Now, the federal government has said it wants to make it easier.
On Wednesday, Treasurer Jim Chalmers announced a broad package of reforms to the retirement phase of the superannuation system.
Key aims include expanding access to reliable information, supporting more innovation in super products, and introducing a new reporting framework focused on retirement outcomes.
There’ll also be a new set of voluntary “best practice principles” for the industry, to help it design “modern, high quality” retirement products.
Next year, the government will consult on a draft version of these principles. The Conversation asked five experts what they thought the most important focus should be.
Chalmers targets reforms to superannuation products and transparency in the retirement phase
