How Australians Can Strengthen Their Superannuation Before Retirement

Research by AMP indicates that a notable proportion of Australians aged 65 and older, as well as those nearing retirement, are concerned about outliving their superannuation. Jonathan Philpot of HLB Mann Judd advises clients to start addressing these concerns early, though it is never too late. He suggests moving from aggressive investment choices to more conservative assets as retirement approaches.

Scott Montefiore of William Buck adds that estimating required savings can be guided by household annual expenses, typically $50,000-$70,000, multiplied over a 20-year retirement span. He also highlights the tax advantages of super, the option to draw a tax-free pension, and the importance of paying down debt, especially mortgages, before retiring. Maintaining focus on super in the years leading up to retirement can significantly improve financial security.