White paper: Planning for three phases of retirement
The financial advice landscape is changing, particularly in relation to the requirement for advice to address a client’s likely future needs (see Financial Planners and Advisers Code of Ethics, Standard 6). Nowhere is this more compelling than in retirement planning.
This changing regulatory environment, combined with increasing longevity and frailty issues, raises the very real threat that advisers may be held accountable for clients who have insufficient funds to support themselves as they age, including when an aged care need arises.
Aged Care Steps has published a White Paper (updated in October 2023) on precisely this issue, calling for a new approach to retirement planning, one which equips advisers to support their clients through key life transitions as they age.
Advisers should rethink their approach to retirement planning to address the three phases of retirement.