There are no hard and fast rules when it comes the retirement planning of many Australians.
But that is changing.
For the first time, the Australian Bureau of Statistics (ABS) is putting together a retirement plan that will allow Australians to track their retirement finances, so they can plan ahead for retirement.
Key points:The new ‘simple mobile plan’ will allow anyone to access retirement planning onlineThere are no restrictions for those aged 65 and overThe ABS is offering a free trial for anyone aged 65 or overThe plan will be available from October 10The new plan, available from the ABS’ online retirement plan database, is a simple mobile plan that allows anyone to use the database to create a personal retirement plan for themselves and their loved ones.
The new system will be rolled out across the country starting with Tasmania and New South Wales, but will also be rolled into Victoria, South Australia, Western Australia and the Northern Territory.
The online system will allow users to set up a retirement account, create a retirement income and manage their money.ABS assistant chief financial officer, Rob Wilson, said the system would allow anyone aged 55 or over to access a personal financial plan that was available online, and would also allow people to set aside money for a specific purpose such as a pension.
“The simplicity of this plan means it’s easy to use for anyone and people are not limited to just a simple monthly income,” Mr Wilson said.
“This will make it easier for Australians to save for retirement, and to make decisions about their retirement.”
Mr Wilson said it was important to ensure people did not miss out on any potential savings.
“Our goal is to have a system that makes it easy for people to access and save for their retirement,” he said.