Survey: Financial advice boosts confidence in retirement

77%
Seventy-seven percent of Australian pre-retirees who haven’t enlisted the help of financial professionals don’t feel prepared for retirement, according to a recent survey by MLC*.
2xBut Australians engaging the help of financial professionals are more than twice as likely to feel ‘very or fairly well prepared’ for retirement than those without a financial professional.
25%
Those surveyed with financial planners are also 25% less likely to expect to rely on government support to ensure their financial security (52% with financial advisers compared with 27% without)
10%
And are 10% less likely to be relying on an inheritance to ensure financial security (77% with financial advisers compared with 67% without).
$58KCouples need $58,922 per annum for a comfortable retirement and $34,064 per annum for a modest retirement, and singles needing from $23,000-$43,000 per annum for a modest to comfortable retirement, according to MLC.
2xThe survey found that women are almost twice as likely to feel unprepared for retirement as men. For many women, career breaks to have children often means less super, and a lower annual income when they return to work.
Gen YYoung people (aged 25-29) are also more likely to feel unprepared for retirement, as retirement seems too far off to worry about, according to the survey.

Disclaimer: This article has been produced by Australian Unity Personal Financial Services Ltd (‘AUPFS’) ABN 26 098 725 145, AFSL & Australian Credit Licence No. 234459 of 114 Albert Road, South Melbourne, VIC 3205. It does not represent legal, tax, or personal advice and should not be relied on as such. Any advice in this document is general advice only and does not take into account the objectives, financial situation or needs of any particular person. You should obtain financial advice relevant to your circumstances before making investment decisions. AUPFS is a registered tax (financial) adviser and any reference to tax advice contained in this document is incidental to the general financial advice it may contain. You should seek specialist advice from a tax professional to confirm the impact of this advice on your overall tax position. Nothing in this document represents an offer or solicitation in relation to securities or investments in any jurisdiction. Where a particular financial product is mentioned, you should consider the Product Disclosure Statement before making any decisions in relation to the product and any particular outcome or future performance is not guaranteed. Whilst every care has been taken in its preparation, AUPFS and its related bodies corporate make no representation as to its accuracy or completeness. Published in October 2016 © Copyright 2016