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Baby boomers taking control of their own future
By Reporter
25 September 2012
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1 minute read
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Most baby boomers won’t have enough to retire comfortably, according to the warning of property investment adviser Michael Yardney.
Mr Yardney, of Metropole Property Strategists, said the Australian superannuation industry lost $18.5 billion of their clients’ money in the past financial year – and that baby boomers are turning to property to secure their own financial future.
In his blog, Mr Yardney cites a poll that shows that Baby Boomers are retiring, on average, on about $200,000. This compares to the $1 million generally accepted by financial planners as enough to retire comfortably.
According to Mr Yardney, “it's little wonder that more and more Baby Boomers are looking at taking control of their financial future and setting up Self Managed Super Funds (SMSF).”
“Combining the security of bricks and mortar with the tax office changing superannuation regulations back in 2007 so that people can borrow within their own SMSF’s, it is not surprisingly that real estate is becoming an increasingly popular super fund cash cow,” he said.
“Fact is, more and more Australians are recognizing the benefits of property as a strong, stable asset base for their super funds, given its ability to generate excellent returns and capital gains over the long term.”
RELATED TERMS
SMSF
A self-managed super fund is a private super fund that provides benefits to its members upon retirement, directly managed by an individual for their benefit and in compliance with super and tax laws.
Superannuation
Superannuation or simply called 'super' is an amount set aside by an employer as a future retirement fund for their employee.
Superannuation
Superannuation or simply called 'super' is an amount set aside by an employer as a future retirement fund for their employee.
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