Superannuation and self managed super funds are raising, expanding fast actually! Expect several financial insufficiencies when you stop working if you did not take care of your retirement while you’re still employed.
While a lot of people have lost trust in australia’s superannuation system, primarily because of slacking share market and a slowing global economic system, there are great signs that the superannuation industry would be going strong over the next several years.
There are many indicators pointing towards, and lots of analysts predicting that Australia’s superannuation industry is expected to have strong expansion this year and should continue to show strong annual progress over the next 10 years.
This prediction is strongly supported by the research conducted by DEXX&R, a reputable financial service research firm. Their latest market report is predicting that the total superannuation market will have an average annual growth rate of 9.1% to $3.25 trillion by June 2022.
A growth of 8.6 % to $3.75 is also predicted in the over-all financial services market, which includes the post-retirement sector and master trust sector, as outlined by study carried out by DEXX&R.
Though the perspective is positive, particularly over the 10 year period, it is important to recognize that the Future of Financial Advice (FOFA) reforms will have the potential to negatively impact predictions for the 2013 year.
The forthcoming FOFA reforms provides the financial services industry with a tumultuous year while financial advisors adapt their business models and business methods whilst these regulatory changes come into play.
The progress of the Australian superannuation market is unavoidable despite all the concerns. More individuals will retire than ever before and opportunities for wealth creation will because of the global financial slow down also grow.
Taking care of your super is not an option – it’s a must. It’s not too late, no matter what age you are.