After years of saving, it’s time to think about retirement planning and leaving a legacy

After years of saving, it’s time to think about retirement planning and leaving a legacy

For millions of Australians, superannuation sets people up for a good life in retirement. But there’s another side to the superannuation story. Those who watch their retirement spending because they really need to, because they’re constantly threading together a knot of worries – can they live the lifestyle they want, can they pass money onto their children – will they run out of money?

The Government’s recent Retirement Income Review (2019 - 2020), echoes these concerns. As an industry, we’ve done a great job of helping people save for retirement – but we have a lot of work to do to in helping retirees spend their savings well and leave a legacy to the next generation.

Did you know: Surge in the retiree population is caused by the great baby boom of the 1950s

Due to the great baby boom of the 1950s, the total number of Australians aged 65-and-over is accelerating year-on-year. By 2026, the number of new 65-and-over population will increase by 137,000.

Boomer’s retirement mountain
Net annual change in Australian population 65+

Source: Salt, B, 2021, “Turning point: the 2020s baby boom retirement surge”, published in Firstlinks on 24 March 2021, https://www.firstlinks.com.au/turning-point-2020s-baby-boom-retirement-surge

Surge in the retiree population is caused by the great baby boom of the 1950s

Baby boomers currently hold $3.9 trillion in assets

Baby boomers currently have approximately half of the country’s wealth, and are estimated to pass on $224 billion each year in inheritances by 2050¹.

As baby boomers transition into retirement, they want to maintain their current lifestyle with the financial security of knowing they won’t run out of money, whilst also leaving an inheritance to the next generation. This highlights the importance of innovative estate planning and retirement income solutions that allows for financial security.

Forward thinking tomorrow for all generations

At Generation Life we’re working on this challenge with financial advisers all the time, providing you with the right information, services and products you need to navigate retirement with confidence, rather than worry in your mind. Our view is that the solution is one that is powered by markets, tuned to your needs and calibrated by financial advisers.

LifeBuilder | ChildBuilder | FuneralBond

Investment bonds

Generation Life investment bonds are designed to provide tax-effective investment solutions to help achieve a secure financial future across all generations. We provide investment solutions with investment choice that can help build wealth tax-effectively, provide a child a financial head start in life, or pass on wealth and provide for loved ones with certainty and simplicity.

Our innovative approach to tax management culminates in our unique Tax Aware process which is applied to our investment options at three distinct levels. This process is designed to generate superior long term after tax returns.

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LifeIncome

A first of its kind investment-linked lifetime annuity

LifeIncome, our investment-linked lifetime annuity, delivers more income, more certainty, more flexibility and more choice to meet your retirement goals. LifeIncome provides a regular income for life that’s linked to the performance of your chosen investment options, which you can switch between when needed. LifeIncome also provides the ability to receive income earlier when needed most.

It is designed to optimise the level of income in retirement and compliment other retirement solutions such as an account-based pension. LifeIncome can also assist with maximising Age Pension entitlements through social security asset and income test concessions.

LifeIncome is available exclusively through a financial adviser.

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The crucial role of financial advice. Who’s going to help me?

Financial advisers play a crucial role in building client wealth. Their technical expertise is invaluable to you.

Financial advisers can help find your optimal mix - balancing income, access to savings, lifestyle objectives, risk, social security and estate planning considerations.

• To invest in superannuation and other assets in a holistic fashion – with a broader portfolio view.
• To explore investment opportunities to suit differing risk appetites and objectives.
• Staying invested during periods of market turbulence.

When considering the right estate planning and retirement strategy for you, we recommend consulting a financial adviser to make sure your current and future investments are structured to meet your estate planning and retirement objectives.

¹ Vickovich, A, 2021, “Baby Boomers to pass on $224b a year by 2050”, published on The Australian Financial Review on 7 December 2021, https://www.afr.com/policy/economy/baby-boomers-to-pass-on-224b-a-year-by-2050-20211206-p59f7d