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Plan for change

Plan for change

By Andrew Proebstl

Finance 


More Australians believe they will have to work longer to ensure they have saved enough for retirement. Australians are planning to push back their retirement date by an average of three years due mainly to changes to super laws and the age pension, according to new research. The latest comprehensive Roy Morgan Single Source survey1 reveals that the average age of Australians intending to retire in the next 12 months is 61, up from 58 in 2014. Roy Morgan cites uncertainty caused by changes to super laws (most of which will come into effect on 1 July 2017) and changes to the age pension (which came into effect on 1 January 2017) as well as economic uncertainty and low deposit rates as the main reasons behind Australians planning to retire later. The wide-ranging changes to super include reductions in both the maximum amount of concessional (pre-tax) and non-concessional (after tax) contributions people can make to superannuation. For example, from 1 July 2017, the annual cap on concessional contributions will be lowered to $25,000 per annum, down from the current cap of $30,000 for those aged under 50 and $35,000 for those 50 and over. Also, from 1 July 2017 the current annual non-concessional contributions cap of $180,000 will be reduced to $100,000 per annum.2

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