Working out how much money you will have for each year of your retirement has been made easier with the launch of a new online MoneySmart tool, said Assistant Treasurer Bill Shorten and Parliamentary Secretary to the Treasurer David Bradbury.
Located on the Government's consumer finance website, MoneySmart.gov.au and developed by the Australian Securities and Investments Commission (ASIC), the new online tool can provide you with an estimate of your income in each year of your retirement, and provide you with practical tips on how to boost your superannuation savings.
As well as the new MoneySmart tool, ASIC have launched a new publication, Financial Decisions at Retirement, which clearly explains the financial choices available to people at retirement and the pros and cons of each retirement income option. The guide has been developed to complement professional financial advice.
"This new online tool and information guide will help to give people more direction about their retirement decisions," said Mr Shorten.
"The Gillard Government wants to ensure that Australians have a better income when they retire. We will be increasing the compulsory superannuation guarantee from 9 per cent to 12 per cent as part of our Minerals Resource Rent Tax.
"For someone aged 30 today earning around $70,000 that will mean an additional $108,000 in superannuation when they retire.
"This will give all working Australians a fairer income and a better standard of living in their retirement."
Parliamentary Secretary to the Treasurer, David Bradbury, said these new tools would help to improve awareness of the need to plan early for retirement.
"People often put off planning for their retirement, but the earlier you start, the better off you will be," said Mr Bradbury.
"These new MoneySmart resources will help people to take those important first steps. Estimating how much superannuation you will have in 20 or 30 years' time gives you the chance to do things that will boost those savings now.
"MoneySmart is part of the Gillard Government's commitment to improving the financial literacy of all Australians.
"Financial literacy plays a central role in encouraging people to think about the importance of planning for their retirement from a young age, to set goals for their long-term savings and to take an active interest in the investment decisions they make and that are made on their behalf."
To view, download or order copies of Financial Decisions at Retirement, or to use the new online retirement planner, visit www.moneysmart.gov.au