Retirement - it's about more than the financial
A new way of thinking is creating a surer path to, and through, retirement.
Australians have a lot to look forward to.
I'm not talking about the footy match that might be happening this week, or the vacation that's fast approaching.
I'm thinking much further ahead - to retirement.
Australians are living longer. Better still, we are enjoying healthier lives.
It means retirement has the potential to be a long - and with the right planning - very rewarding life stage.
Retirees will have the weight of numbers
It's amazing to think that by 2050, nearly one in four Australians will be aged over 65.
This demographic shift is already underway.
The number of Australians aged 65-plus is forecast to overtake the number of children aged 0-14 years in 2025.
The fact is, many of us will live to a ripe old age, and we need to plan for a retirement that could stretch for 30 years or more.
Planning for a retirement spanning 30 years
Members of Commonwealth Super Corporation (CSC) have traditionally retired earlier than the general population, with an average retirement age of 57. Many are still with us, aged well into their 90s.
More recently, in keeping with broader social trends, we have seen a shift as some CSC members are choosing to work for longer before transitioning into retirement.
Either way, many Australians could spend close to one-third of their life in retirement, and planning for such a lengthy life stage should go beyond the financial. Money remains a crucial factor in retirement. But it is just one piece of the broader retirement picture.
The need for a holistic approach
Ask any retiree, and they are likely to tell you that retirement brings a new mindset, emotional shifts and social changes.
CSC recognised this some time ago, and we realised that as a super fund, we needed to think holistically.
The result is that we have aimed to partner with our customers to deliver tailored support, not just in terms of their super savings, but across their broader retirement journey.
A key element of this has been achieved through our innovative Retirement Income Strategy (RIS).
Tailored support before, during and after retirement
CSC's Retirement Income Strategy encompasses a suite of retirement resources that aim to smooth the path to, and throughout, retirement.
It all begins with our customers completing a profile by ticking various boxes that reflect their lifestyle, such as whether they are a renter, home owner, a single person or part of a couple.
This matters because singles, for instance, may have very different income needs in retirement compared to couples.
With their customer profile completed, our Retirement Income Strategy takes the guesswork out of customer's retirement incomes by linking their personal circumstances to the appropriate product solutions.
In this way, our Retirement Income Strategy is playing a pivotal role, ensuring financial security and stability for retirees. This is especially valuable for those with cognitive decline, allowing retirees to focus on their health without financial stress.
Leading the way
As a super fund, CSC has always had a core focus on education and guidance for all our customers, even if they are a decade or more away from retirement.
When our big wave of retirees comes in, we will have been continuously testing, learning and enhancing our retirement journey so both our customers, and CSC, will be prepared.
With more than 100 years of experience, CSC is committed to supporting our customers in retirement through valuable innovations because we know that financial comfort in retirement correlates with higher happiness levels across the board.
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