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Why you need a financial planner for retirement

Tags Financial Health Barometer Retirement Planning Retirement Savings
Category Financial Health Barometer Retire

Why you need a financial planner

Since 2011, research from the RaboDirect Financial Health Barometer has shown that Australians who take steps to control their finances are better off in the long run. In fact, results from our survey on what makes Aussies happy revealed that having a long term financial plan was a key driver for happiness across the nation. (Read our Happiness report here.)

Many Aussies use the services of a financial planner to get started on a plan and our most recent report on super and retirement found that those who are currently using or intend to use a financial planner expect their super funds* to be better off at retirement than those who don’t.

Across generations, Gen Y came out on top as being more likely to engage a financial planner and make voluntary super contributions. 

Read on for a snapshot of how each generation stacks up when it comes to planning for their super and retirement, and some simple ways that a financial planner can help you plan for the future, whether you're in your twenties or nearing retirement.

Generation Y

Aussies born between 1981 to 1994, also known as Gen Y, expect to retire at 60 – the youngest expected retirement age across all those surveyed. With 40 per cent of Gen Y’s making voluntary contributions to super, they also believe they will have enough super saved up for a comfortable or modest retirement.

If you're in this age group, visualise the kind of retirement you want and plot to make it happen. A financial planner can provide you with a blueprint for a comfortable retirement and set you on the right path.

Why you need a financial planner Gen Y

Generation X

Gen X’s expect to retire at 65, and only 32 per cent of those surveyed in this age group expect to retire with enough super. This shows that as Aussie workers add financial pressures to their life, such as mortgage or family, focusing on longer term retirement and wealth creation goals takes more of a backseat.

Enlisting the services of a financial planner can help you create a strategy to pay down your debts, cover your children’s education, and save for a comfortable retirement.

2017 Financial Health Barometer Super and Retirement Report

Baby Boomers

Similar to Gen X, Baby Boomers also expect to retire at 65, but only 30 per cent believe their super will fund either a comfortable or modest retirement.

Speak to a financial planner about super contribution caps (changes to super come into effect 1 July so this may affect you) and to make sure you are making the most of any relevant tax breaks.

*Aussies surveyed stated that they expect their super funds to be almost $200,000 better off at retirement, compared to those who don’t.