Budget fails wealthier retirees

Self-funded retirees hung out to dry

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OVERLOOKED: Struggling self funded retirees miss out in the budget, says Wayne Strandquist.

OVERLOOKED: Struggling self funded retirees miss out in the budget, says Wayne Strandquist.

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Self-funded retirees have suffered a significant income hit from the adverse economic impact of COVID-19.

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While pensioners can look forward to a couple of $250 cash payments, wealthier retirees have complained the budget has hung them out to dry.

"Retirees who partly or fully fund their own retirement have suffered significant income reductions as a result of the adverse economic impact of COVID-19," said Association of Independent Retirees president Wayne Strandquist.

"These retirees rely on income from investments in the share market, property and fixed interest, either through superannuation or private investment for their living expenses.

"They have been overlooked by the government as billions of dollars have been allocated to programs to stimulate employment and the economy.

"The impact of COVID-19 on the economy has been unprecedented and well beyond the capacity of retirees to bear all the downside risk that has occurred."

The association wants measures introduced to ease the financial impact on self-funded retirees.

www.independentretirees.com.au

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