Seniors Want More Control of Their Super

More senior Australians are working longer to delay their retirement. And as Aussies are getting older, they are becoming more conservative.

According to the report of the Australian National University and Seniors Australian, older Aussies are concerned with their retirement and, in the process, their superannuation investments.

The report, which surveyed 3,500 older Australians, showed that a third of the respondents said that they made some changes with their superannuation investments. The change, they said, was brought about by the global financial crisis.

Majority of the respondents, meanwhile, said they shifted their superannuants from investments to cash. Many also shifted to more conservative asset classes.

Also worth nothing is that close to 50 percent of the respondents said they are delaying or planning to delay their retirement to ensure that they build a better nest egg for them and their families. They said that they want to protect themselves and become more financially independent.

According to Bill Shorten, the government should develop and implement policies and programs that would provide quality and meaningful lives to aging Aussies. The Superannuation Minister led the implementation of the report.

Shorten added that the concerns of the aging Australians is legitimate and warrants a public policy goal.

One of the possible supports for older Australians is to allow to them to work longer and continue receiving contributions for their super.

Mathias Cormann, meanwhile, said the coalition government would be developing and implementing reforms for the superannuation industry. Cormann is spokesman for the opposition’s superannuation.