How can Funds support members who reach retirement without the balance they expected?
The best laid plans in life are no guarantee – and so it is with retirement. The reality is that many people retire earlier than they thought, and often for unexpected reasons – retrenchment, poor health or to care for a loved one. Others retire at the age they planned, but without the nest egg they expected.
So, how can Funds help? Funds can –
1. Provide useful information
Members will want to know about government benefits and entitlements and how to access them.
2. Help members get the most from the money they have
Funds can help members get a clearer picture of their financial situation, including their likely living costs based on where they live and their previous lifestyle. Members will also need to think through important decisions, like whether to use their super to pay off any existing debts.
3. Offer a broader perspective of retirement
Funds can provide holistic retirement information to help members create an enjoyable retirement, regardless of how much money they have.
4. Be available
This may take the form of a face-to-face meeting, seminar or phone call.
When members are ‘Retirement NOT Ready’, Funds are in a prime position to engage with them and offer valuable advice and direction. Funds that respond to member needs at this time may also be well placed to offer members a suitable income product.
Contact Retirement Ready to see how we can create tailored content to help you engage with your members.