According to the Mercer CFA Institute global pension index Australia is ranked 4th out of 39 countries. For the completeness of our retirement system.
While we can pat ourselves on the back we certainly cannot rest on our laurels. Our system relies heavily on our social security system that is funded by tax-payers. When compared with 35 countries in terms of compulsory contributions to retirement we are ranked in the bottom five. With an increasing number of baby boomers retiring, and debt that Australia has accumulated, can we afford to rely on government support to do the heavy lifting?
Elson Goh from EG Financial Services, joined Mike to explain what can be done to change the public perception on super to enforce confidence and encourage increase voluntary contributions? We are all not getting younger and time is not on our side. Can we have a conversation before it is too late? Let us know by texting or messaging us on socials. Listen to the full chat below!