The Association of Independent Retirees (AIR) makes comment via media releases on Government policy changes or announcements that are in the interests of our members or retirees in general.
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Our Media Releases are often referenced in local, the capital city and national publications.
“The Association of Independent Retirees (AIR) welcomes the many recent improvements to the retirement savings and income system, but increased flexibility often requires more understanding,” said Mr Wayne Strandquist, President of the Association of Independent Retirees.
“We are calling on the incoming government to implement a national program to improve the understanding of Superannuation and other aspects of the Retirement Savings and Income System,” said Mr Strandquist.
“This would enable people to better plan for their retirement and with enhanced financial literacy, make the most of their retirement savings and income,” said Mr Strandquist.
Mr Strandquist noted that “The Retirement Income Review report included many observations about the need to improve their understanding of the retirement income system. It also reported that there was significant evidence of low financial literacy, particularly about the key issues in the retirement phase”.
“Retirees with superannuation are concerned that Labor wants to ensure that super funds that focus on an “Environmental, Sustainable, Governance” (ESG) investment strategy are not penalised if they fail the Your Future Your Super performance Test,” said Mr Wayne Strandquist, President of the Association of Independent Retirees.
“Speaking at the recent Responsible Investment Association of Australian conference the Labor shadow minister for financial services and superannuation, Mr Stephen Jones, is quoted as saying that ‘Labor will ensure that the proper objective of holding super funds to account for their investment returns and costs doesn’t interfere with the equally proper objective of funds to drive both economic and social outcomes,” Mr Strandquist reiterated.
“This election pledge by Labor is tantamount to interfering with the primary objective of super funds to maximise investment returns by giving a dispensation to funds with strategies that pursue other objectives,” explained Mr Strandquist.
“The Association of Independent Retirees (AIR) welcomes the budget announcement to extend the reduced minimum percentage that retirees must draw down from their superannuation funds,” said Mr Wayne Strandquist, President of the Association of Independent Retirees.
“This temporary relief until June 2023 provides retirees with the flexibility they need to manage their superannuation during periods of investment market volatility, heightened military tension and ongoing COVID19 disruptions,” explained Mr Strandquist.
“Furthermore, the Association of Independent Retirees recommends the minimum drawdown percentages from superannuation should be permanently lowered and the age ranges broadened for retirees aged 75 years and older as shown below,” Mr Strandquist advocated.
“With the continuing volatility and uncertainty in world financial markets, we call on the Government to extend the reduction in superannuation drawdown percentages for a further year until 1 July 2023,” said Mr Wayne Strandquist, President of the Association of Independent Retirees.
“Retirees who fund some or all of their retirement from superannuation, appreciate the flexibility provided by the Government with the halving of the superannuation minimum drawdown percentages due to economic effects of the COVID-19 pandemic over these last two years up until 30 June 2022,” said Mr Strandquist.
“Retirees welcome the recent passing of legislation in Federal Parliament that provides more flexibility for retirees to make non-concessional contributions to superannuation,” said Mr. Wayne Strandquist, National President of the Association of Independent Retirees. “This legislation package included the abolition of the work test for non-concessional contributions for up to age 75 and reducing the eligibility age from age 65 to 60 for downsizer contributions into superannuation,” said Mr Strandquist,
“Retirees welcome the reduction of 0.55% in the interest rate applied by the Government to access the equity tied up in their home under the re-branded Home Equity Access Scheme,” said Mr Wayne Strandquist, National President of the Association of Independent Retirees.
“The announcement by the Government to extend the temporary halving of the minimum superannuation drawdown amount is welcomed by retirees. In times of financial crisis or market volatility that we have seen with the GFC or the COVID-19 pandemic, retirees need greater flexibility in the minimum amount they are required to draw down from their superannuation,” said Mr. Wayne Strandquist, President of the Association of Independent Retirees.
“Retirees welcome the allocation of more funding in the Federal Budget to improve the quality and safety of the aged care system and some additional measures to retirement savings,” said Mr. Wayne Strandquist, President of the Association of Independent Retirees.
“Action by the Reserve Bank to reduce the official cash interest rate by 0.15% to just 0.10% increases the financial pain for fully and partly self-funded retirees,” said Mr Wayne Strandquist, President of the Association of Independent Retirees.
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- 2019-02-14_Labor_Franking_Credit_policy_severely_disadvantages_self-funded_retirees [106.43 KB]
- 2018-11-03_Alliance_Summit [86.9 KB]
AIR President Wayne Strandquist on ABC Radio National
7 October 2020 Click to listen to the interview
AIR President Wayne Strandquist on SBS
Wayne is interviewed in response to Media Release Triple Whammy Hits Self-Funded Retirees.