Page 6 - Senior Scene South Australia 2020
P. 6

PAGE 6                                                                                                                            www.seniorsbook.com.au
       Self-funded retirees








                      hung out to dry











                etirees who partly or fully
                fund their own retirement
      “Rhave suffered significant
       income reductions as a result of the
       adverse economic impact COVID-
       19. These retirees rely on income
       from investments in the share
       market, property and fixed interest
       either through superannuation
       or private investment for their
       living expenses. They have been
       overlooked by the Government
       as billions of dollars have been
       allocated to programs to stimulate
       employment and the economy,”
       said Mr Strandquist, President of
       the Association of Independent
       Retirees.
        “Since 1992 when compulsory
       superannuation was introduced
       retirees have been encouraged to
       accept the risk of funding their own
       retirement to reduce government
       outlays on the age pension. A large
       percentage of Australia’s $3,000
       billion superannuation portfolios
       is invested in companies, many of
       which are struggling to survive the  held by the banks. With retirees  special consideration but are  Government                 provides    support
       impact of Covid-19. The impact of  traditionally     having    significant seeking fairness in Government  measures for retirees such as
       companies paying reduced or nil  investments in bank shares this  support along with the rest of  providing offset assistance where
       dividends is causing considerable  guidance by APRA means that  the community while COVID-19  regulatory policies such as reducing
       reductions in earnings for retirees,”  retirees have been unfairly called  continues to seriously impact the  dividends by banks to cope with
       said Mr Strandquist.                 upon to forgo dividend income to  economy,” said Mr Strandquist.            mortgage defaults, the issuing of
        “To compound the income loss  support bank mortgage defaults,”             “The impact of COVID-19 on the  Government-backed infrastructure
       by retirees, the statutory authority  said Mr Strandquist.                 economy has been unprecedented  bonds for retirees, reducing the
       APRA has provided guidance to          “Retirees   generally    seek    a and well beyond the capacity of  deeming rate, reducing the age
       banks to cut dividends to offset  conservative investment portfolio  retirees to bear all the downside  pension asset and income test
       potential defaults in mortgages  with a reasonable allocation to  risk that has occurred,” said Mr  taper rate, introducing continuous
                                            fixed interest investments. With  Strandquist. “The Association of  Centrelink valuation of assets for
        Terry Julian                        official interest rates near 0% as a  Independent Retirees seeks the  deeming and threshold purposes,
                                            result of the Reserve Bank settings,  support of the Government to  more super drawdown flexibility
                                            retirees are now forced to consider  make available a range of support  for retirees over the age of 75
                                            riskier investments and drawdown  measures to assist retirees to  and increasing the threshold for
        Painter &                           increasing amounts of their capital  come though the COVID-19 crisis  receiving the CSHC card,” said Mr
                                            to fund their retirement,” said Mr  and continue to fund their own  Strandquist.
        Decorator                           Strandquist.                          retirement,” said Mr Strandquist.“    Media Release supplied by Association of
                                              “Retirees are not requesting
                                                                                   The Association suggests the  Independent Retirees
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