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Government to Consider Findings of Retirement Incomes Review

by | Fri, Nov 20 2020

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There’s a renewed push for people to use their superannuation to help drive home ownership.

The review into retirement incomes will be released by the federal government today.

Its found the age pension, compulsory super, and voluntary saving have generally worked well, but there’s room for improvement.

The report doesn’t make any recommendations, but offers a series of options which will be considered by the government over coming months.

It argues that gradually lifting the superannuation guarantee over the next five years will come at the expense of wages growth.

The report instead calls for changes to the super system which would drive home ownership by allowing people to use their savings to help buy a home, suggesting this would deliver a better retirement outcome in the long term.

The review also indicates that improved financial literacy would help retirees access the money to which they are entitled.