1 00:00:05,640 --> 00:00:08,480 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean Aylmer. 2 00:00:08,640 --> 00:00:11,000 Speaker 1: Fear and Greed is working with the team at Vanguard 3 00:00:11,080 --> 00:00:13,960 Speaker 1: to bring you a series of episodes busting some of 4 00:00:14,000 --> 00:00:16,479 Speaker 1: the myths around investing in giving you the information you 5 00:00:16,560 --> 00:00:19,959 Speaker 1: need to help make informed decisions. Each year, Vanguard releases 6 00:00:20,040 --> 00:00:23,560 Speaker 1: It's How Australia Retires Report and in depth look at 7 00:00:23,560 --> 00:00:25,800 Speaker 1: our needs and attitudes and the lead up to and 8 00:00:25,880 --> 00:00:28,560 Speaker 1: through our retirement years. What jumped out at me is 9 00:00:28,600 --> 00:00:32,600 Speaker 1: how little attention we pay to our superannuation. For instance, 10 00:00:32,640 --> 00:00:34,840 Speaker 1: almost one and two Australians don't know what they pay 11 00:00:34,840 --> 00:00:37,440 Speaker 1: in super fees. In less than half of all Australians 12 00:00:37,479 --> 00:00:40,879 Speaker 1: contact their superfund at least once a year, despite engagement 13 00:00:40,920 --> 00:00:44,400 Speaker 1: with super being an absolutely vital part of retirement planning. 14 00:00:44,600 --> 00:00:46,960 Speaker 1: So today we're going back to basics, how to compare 15 00:00:46,960 --> 00:00:49,360 Speaker 1: and choose the right super fund for you, how to 16 00:00:49,479 --> 00:00:52,239 Speaker 1: use that fund throughout your working life to create the 17 00:00:52,280 --> 00:00:55,760 Speaker 1: retirement you want. Vanguard, one of the world's largest global 18 00:00:55,760 --> 00:00:59,080 Speaker 1: investment management companies, has been a major financial services provider 19 00:00:59,120 --> 00:01:02,080 Speaker 1: in the Australian retire an industry for almost three decades. 20 00:01:02,080 --> 00:01:04,520 Speaker 1: In twenty twenty two, it became a direct provider of 21 00:01:04,640 --> 00:01:08,920 Speaker 1: superannuation services to Australians with the launch of Vanguard Super. 22 00:01:09,240 --> 00:01:11,440 Speaker 1: As always, the information in this episode is general in 23 00:01:11,520 --> 00:01:14,920 Speaker 1: nature and doesn't take into account your own circumstances. You 24 00:01:14,920 --> 00:01:17,479 Speaker 1: should do your own research and seek professional advice before 25 00:01:17,520 --> 00:01:21,440 Speaker 1: making investment decisions. Adan Gason is a senior manager at 26 00:01:21,520 --> 00:01:24,200 Speaker 1: Vanguard Super, which is a great supporter of this podcast. Aidan, 27 00:01:24,440 --> 00:01:24,840 Speaker 1: Welcome to. 28 00:01:24,800 --> 00:01:27,280 Speaker 2: If you're ingreed, Thanks San, great to be here. 29 00:01:28,160 --> 00:01:30,760 Speaker 1: Does it surprise you that one in two people don't 30 00:01:30,880 --> 00:01:33,479 Speaker 1: know how much they paying fees to their superfund? 31 00:01:34,360 --> 00:01:38,319 Speaker 2: Surprise No, but it is a little bit alarming to 32 00:01:38,360 --> 00:01:40,880 Speaker 2: some extent. I think the system settings we've got in 33 00:01:40,880 --> 00:01:45,360 Speaker 2: place have probably supported that disengagement, particularly in the accumulation 34 00:01:45,520 --> 00:01:48,800 Speaker 2: phase as well. But I think looking forward, that's really 35 00:01:48,840 --> 00:01:52,400 Speaker 2: our rod for our backs that we've created, because now 36 00:01:52,440 --> 00:01:55,840 Speaker 2: that we've got more and more Australians coming to that 37 00:01:55,920 --> 00:01:59,720 Speaker 2: retirement phase with higher and higher balances, and given how 38 00:01:59,800 --> 00:02:04,240 Speaker 2: per personal and tailored that retirement pieces, engagement is going 39 00:02:04,320 --> 00:02:06,360 Speaker 2: to be critical in order for people to retire. 40 00:02:06,400 --> 00:02:08,640 Speaker 1: Well. Yeah, so before we get to that, let's some 41 00:02:08,680 --> 00:02:10,960 Speaker 1: of the basics important. Just have one account, is it 42 00:02:11,000 --> 00:02:12,080 Speaker 1: aiden rather than a few? 43 00:02:12,520 --> 00:02:16,120 Speaker 2: Definitely one account. In particular, most of the funds or 44 00:02:16,160 --> 00:02:18,560 Speaker 2: a lot of the funds with their fee structures, have 45 00:02:18,639 --> 00:02:22,840 Speaker 2: a fixed dollar fee component to the structure, and so 46 00:02:22,880 --> 00:02:25,560 Speaker 2: if you've got multiple accounts, are you sort of not 47 00:02:25,560 --> 00:02:29,760 Speaker 2: getting those benefits of scale as well. So definitely problematic 48 00:02:29,800 --> 00:02:32,920 Speaker 2: in terms of paying too much in fees. I think 49 00:02:32,919 --> 00:02:35,280 Speaker 2: probably the other thing I'd say around that account as 50 00:02:35,280 --> 00:02:38,720 Speaker 2: well is don't just take the default. It may well 51 00:02:38,760 --> 00:02:41,799 Speaker 2: be appropriate, but don't just take the default without sort 52 00:02:41,840 --> 00:02:45,279 Speaker 2: of looking into the features and just checking that that's 53 00:02:45,320 --> 00:02:46,600 Speaker 2: what you want and right for you. 54 00:02:47,040 --> 00:02:49,200 Speaker 1: And even right from the get go, ensure that you're 55 00:02:49,200 --> 00:02:51,440 Speaker 1: actually being paid your super entitlements. One of the figures 56 00:02:51,480 --> 00:02:54,680 Speaker 1: in your report was astounding how much Super isn't paid 57 00:02:55,560 --> 00:02:58,200 Speaker 1: into people's accounts. So I presume that's just another one 58 00:02:58,200 --> 00:03:00,000 Speaker 1: of those early things on the checklist, just makes sure 59 00:03:00,040 --> 00:03:00,960 Speaker 1: the soup is going in. 60 00:03:01,320 --> 00:03:03,799 Speaker 2: Yeah, that's right, and it sounds straightforward, but I think 61 00:03:03,840 --> 00:03:06,400 Speaker 2: over the last seven years is almost eleven billion dollars 62 00:03:06,440 --> 00:03:10,160 Speaker 2: in unpaid SUPER, and so yeah, checking with your employer 63 00:03:10,360 --> 00:03:13,240 Speaker 2: not just that it's paid, but also you know, if 64 00:03:13,240 --> 00:03:15,600 Speaker 2: you're making any voluntary contributions as well. I think it 65 00:03:15,639 --> 00:03:18,880 Speaker 2: was my first job when you know, being diligent, did 66 00:03:18,919 --> 00:03:20,760 Speaker 2: the right thing and tick the box to put an 67 00:03:20,760 --> 00:03:23,760 Speaker 2: extra three percent in and two years later found out 68 00:03:23,800 --> 00:03:25,520 Speaker 2: it was an administration era and it was it an 69 00:03:25,520 --> 00:03:28,320 Speaker 2: extra three dollars that was going into my account right 70 00:03:29,160 --> 00:03:31,080 Speaker 2: each pay So that that would have been a nice 71 00:03:31,080 --> 00:03:34,160 Speaker 2: one to check a little bit earlier on. But definitely 72 00:03:34,240 --> 00:03:37,400 Speaker 2: checking those those settings and that you're being paid is critical. 73 00:03:37,880 --> 00:03:40,440 Speaker 1: Okay, So let's talk about fees. There's more than one 74 00:03:40,520 --> 00:03:43,480 Speaker 1: type of fee. Explain that and what people should be 75 00:03:43,480 --> 00:03:43,960 Speaker 1: looking for. 76 00:03:44,320 --> 00:03:46,600 Speaker 2: Yeah, the first thing I want to say as well 77 00:03:46,800 --> 00:03:49,800 Speaker 2: is that fees really matter. There's a lot of people 78 00:03:49,800 --> 00:03:52,880 Speaker 2: that will sort of say art's net returns. You know, 79 00:03:52,960 --> 00:03:56,600 Speaker 2: looking at fees is a false economy, But one of 80 00:03:56,640 --> 00:04:00,320 Speaker 2: the biggest indicators of higher returns is lower fee fees. 81 00:04:00,840 --> 00:04:04,760 Speaker 2: There's certainly no correlation between higher fees and higher returns. 82 00:04:05,400 --> 00:04:08,000 Speaker 2: So you know, the lower your fee, the more of 83 00:04:08,040 --> 00:04:10,880 Speaker 2: that market return that you're getting in your pocket. But 84 00:04:10,960 --> 00:04:13,240 Speaker 2: as you point out, there's a bit of a transparency 85 00:04:13,720 --> 00:04:17,000 Speaker 2: and complexity issue when it comes to fee disclosure. Some 86 00:04:17,040 --> 00:04:21,200 Speaker 2: of the components you've got you know, admin fees, investment fees, 87 00:04:21,760 --> 00:04:27,200 Speaker 2: indirect costs, activity fees, potentially performance fees sort of hidden 88 00:04:27,240 --> 00:04:30,080 Speaker 2: somewhere in the mix as well, and then different types 89 00:04:30,080 --> 00:04:33,120 Speaker 2: of fee structures, so fixed dollar fees often on that 90 00:04:33,279 --> 00:04:37,640 Speaker 2: admin component and then assets based fees on the others. 91 00:04:37,680 --> 00:04:40,360 Speaker 2: And we've certainly taken a stance, you know, to try 92 00:04:40,400 --> 00:04:43,440 Speaker 2: and simplify that and have a principle of transparency and 93 00:04:43,480 --> 00:04:47,440 Speaker 2: simplicity and you know, be able to demonstrate the total 94 00:04:47,440 --> 00:04:50,600 Speaker 2: fee on an asset based basis. You know, I think 95 00:04:50,640 --> 00:04:52,479 Speaker 2: if you've got to get a calculator and maybe even 96 00:04:52,480 --> 00:04:54,800 Speaker 2: a spreadsheet out to work out what you're paying in fees, 97 00:04:55,839 --> 00:04:58,080 Speaker 2: then that's a problem. And I think some of the 98 00:04:58,120 --> 00:05:01,400 Speaker 2: survey results that we've had really back that up as well. 99 00:05:02,360 --> 00:05:05,479 Speaker 1: Okay, so I've understood my fees, I now need to 100 00:05:05,880 --> 00:05:08,360 Speaker 1: there are many investment options that I have in front 101 00:05:08,400 --> 00:05:11,520 Speaker 1: of me, and how do I go about that? I 102 00:05:11,560 --> 00:05:14,240 Speaker 1: know it's different with your twenty forty, sixty or eighty 103 00:05:14,400 --> 00:05:18,000 Speaker 1: obviously years of age, But what's the first step in 104 00:05:18,120 --> 00:05:23,400 Speaker 1: terms of thinking about investment options? Should I start where 105 00:05:23,440 --> 00:05:25,480 Speaker 1: I am now? Actually try and start at the finish 106 00:05:25,520 --> 00:05:26,480 Speaker 1: line and work backwards. 107 00:05:27,080 --> 00:05:28,560 Speaker 2: Yeah, look, I think that's a good way to go, 108 00:05:28,800 --> 00:05:32,440 Speaker 2: and by framing it like that, it's really about defining 109 00:05:32,480 --> 00:05:36,240 Speaker 2: your goal and that's a good place to start. Going 110 00:05:36,279 --> 00:05:38,640 Speaker 2: back to some of the research that we've done and 111 00:05:38,680 --> 00:05:43,400 Speaker 2: recently published in How Australia Retires, only about a third 112 00:05:43,440 --> 00:05:47,840 Speaker 2: of members retire when they intend, and half retire early 113 00:05:48,240 --> 00:05:52,160 Speaker 2: and for reasons that are often unplanned. So yes, it's 114 00:05:52,200 --> 00:05:55,080 Speaker 2: a great place to start at the end, but you've 115 00:05:55,080 --> 00:05:56,919 Speaker 2: also got to try and plan for some of that 116 00:05:57,080 --> 00:06:01,080 Speaker 2: uncertainty that's in there as well. The other thing I'd 117 00:06:01,080 --> 00:06:03,200 Speaker 2: say about that as well is that you know, we 118 00:06:03,400 --> 00:06:07,280 Speaker 2: again see through retirement intentions. So in the ATO data, 119 00:06:07,320 --> 00:06:09,080 Speaker 2: you get when people retire, but you don't sort of 120 00:06:09,080 --> 00:06:12,080 Speaker 2: get those intentions. And we can see from our research 121 00:06:12,160 --> 00:06:16,479 Speaker 2: that earlier on people often have an intention to retire earlier, 122 00:06:16,520 --> 00:06:19,320 Speaker 2: and as they get closer, you know, whether it's reality 123 00:06:19,400 --> 00:06:22,200 Speaker 2: kicking in or a lack of planning, that expectation of 124 00:06:22,240 --> 00:06:26,040 Speaker 2: when they'll actually be ready to retire pushes out as well. 125 00:06:26,440 --> 00:06:29,320 Speaker 2: So starting when you want to retire and then planning 126 00:06:29,360 --> 00:06:31,599 Speaker 2: for that and doing that early, you know, that's the 127 00:06:31,640 --> 00:06:33,960 Speaker 2: best way to be in that sort of percentage of 128 00:06:33,960 --> 00:06:36,560 Speaker 2: people that actually retire when they intend. 129 00:06:37,160 --> 00:06:44,640 Speaker 1: Stay with me, Aiden, We'll be back in a minute. 130 00:06:45,800 --> 00:06:48,960 Speaker 1: My guest this morning is Aidan Gason from Vanguard Super. 131 00:06:50,240 --> 00:06:52,280 Speaker 1: Another thing I think about lot I'm in my mid 132 00:06:52,320 --> 00:06:55,680 Speaker 1: fifties now is how I want to retire, and so 133 00:06:56,080 --> 00:07:00,279 Speaker 1: it is about knowing how much money I need or 134 00:07:00,320 --> 00:07:02,680 Speaker 1: I think I can live comfortably with. And I must 135 00:07:02,680 --> 00:07:05,279 Speaker 1: say I haven't thought a lot about how I retire 136 00:07:05,800 --> 00:07:07,839 Speaker 1: until the last few years, but I certainly wish I 137 00:07:07,880 --> 00:07:08,719 Speaker 1: had twenty years ago. 138 00:07:09,200 --> 00:07:12,080 Speaker 2: Yeah. Completely, I think I'm in the same boat as you, 139 00:07:12,160 --> 00:07:15,360 Speaker 2: and certainly looking at it that closely as well, having 140 00:07:15,440 --> 00:07:17,880 Speaker 2: just turned fifty. So on this front, I would say 141 00:07:17,880 --> 00:07:22,600 Speaker 2: there's tailwinds and headwinds. So as the system matures, you know, 142 00:07:22,680 --> 00:07:24,760 Speaker 2: as time goes by, more and more people coming into 143 00:07:24,760 --> 00:07:28,200 Speaker 2: retirement will have had a superannuation guarantee for the bulk 144 00:07:28,200 --> 00:07:31,560 Speaker 2: of their working life, and again as it goes on 145 00:07:32,160 --> 00:07:35,520 Speaker 2: at higher and higher rates, so the average member will 146 00:07:35,520 --> 00:07:38,400 Speaker 2: be retiring with more in SUPER. But then we've sort 147 00:07:38,400 --> 00:07:41,200 Speaker 2: of got some headwinds as well, not just current cost 148 00:07:41,200 --> 00:07:44,320 Speaker 2: of living pressures, but I think more members are expecting 149 00:07:44,360 --> 00:07:47,720 Speaker 2: to be either renting or paying off a mortgage when 150 00:07:47,720 --> 00:07:50,280 Speaker 2: they retire as well, and so that's going to factor 151 00:07:50,280 --> 00:07:54,040 Speaker 2: into how much people need. And we're also seeing that 152 00:07:54,080 --> 00:07:57,880 Speaker 2: play into people's expectations for work when they're in that 153 00:07:58,120 --> 00:08:01,960 Speaker 2: retirement phase and not necessarily fully retiring, but taking on 154 00:08:02,000 --> 00:08:04,920 Speaker 2: some work or even coming in and out of work 155 00:08:05,000 --> 00:08:09,160 Speaker 2: to be able to supplement income. But there are tools 156 00:08:09,400 --> 00:08:12,360 Speaker 2: that actually help with that planning as well, fath in 157 00:08:12,440 --> 00:08:15,880 Speaker 2: terms of determining what you need to contribute to get 158 00:08:15,880 --> 00:08:18,320 Speaker 2: to an account balance for a level of wealth when 159 00:08:18,400 --> 00:08:21,160 Speaker 2: you intend to retire, but then the kind of income 160 00:08:21,200 --> 00:08:24,800 Speaker 2: that that supports as well. So certainly leveraging those tools 161 00:08:24,800 --> 00:08:27,400 Speaker 2: to try and make an informed decision based on the 162 00:08:27,440 --> 00:08:29,760 Speaker 2: retirement you want to have and some of those other 163 00:08:29,840 --> 00:08:33,640 Speaker 2: expectations is a great action that everyone can take. 164 00:08:34,360 --> 00:08:36,600 Speaker 1: If I am a twenty year old or thirty or 165 00:08:36,600 --> 00:08:38,360 Speaker 1: forty year old and I want to find a new 166 00:08:38,600 --> 00:08:42,240 Speaker 1: super fund, I've been through this process myself in the 167 00:08:42,320 --> 00:08:45,200 Speaker 1: last ten years. What is it that I'm looking for? 168 00:08:45,360 --> 00:08:49,319 Speaker 1: Is it returns? Short term returns, long term returns? Is 169 00:08:49,760 --> 00:08:53,080 Speaker 1: there a sort of a golden point where you think, Okay, 170 00:08:53,120 --> 00:08:55,720 Speaker 1: I'm looking at vanguards suber the return I should be 171 00:08:55,760 --> 00:08:58,680 Speaker 1: looking at is x number of years in comparing that 172 00:08:58,760 --> 00:08:59,840 Speaker 1: to others or not. 173 00:09:00,679 --> 00:09:04,240 Speaker 2: So, yes, returns is definitely an important element. We do 174 00:09:04,280 --> 00:09:08,360 Speaker 2: see that feature into people's choice. Fees is the other one, 175 00:09:08,400 --> 00:09:12,040 Speaker 2: and again there's a relationship there, So looking at low fees, 176 00:09:12,559 --> 00:09:16,320 Speaker 2: looking at returns, but which returns and sometimes you have 177 00:09:16,360 --> 00:09:19,240 Speaker 2: to sort of go to that next level with some 178 00:09:19,280 --> 00:09:21,120 Speaker 2: of the tools that are available. If you just order 179 00:09:21,200 --> 00:09:24,000 Speaker 2: by returns, you might just be looking at the highest 180 00:09:24,080 --> 00:09:26,040 Speaker 2: risk investment that's out there that happens to have had 181 00:09:26,040 --> 00:09:29,000 Speaker 2: a good period. And so comparing like with like when 182 00:09:29,040 --> 00:09:31,959 Speaker 2: you're looking at returns makes sense. The longer the better 183 00:09:32,080 --> 00:09:34,040 Speaker 2: over short time frames. There's a lot of things that 184 00:09:34,080 --> 00:09:37,000 Speaker 2: can make something look good that don't necessarily stand the 185 00:09:37,040 --> 00:09:39,720 Speaker 2: test of time. So I think the longer the better. 186 00:09:40,280 --> 00:09:44,320 Speaker 2: And also, you know, it's about understanding the risk tolerance 187 00:09:44,320 --> 00:09:47,400 Speaker 2: as well. So you might reach for a strategy that 188 00:09:47,440 --> 00:09:50,960 Speaker 2: has really good returns. But if the kind of experience 189 00:09:51,000 --> 00:09:53,760 Speaker 2: you have along the way, you know, whether that's during 190 00:09:53,760 --> 00:09:56,280 Speaker 2: a period of market volatility and you think, God, I'm 191 00:09:56,280 --> 00:09:59,920 Speaker 2: too uncomfortable with that, I need to change, then going 192 00:10:00,080 --> 00:10:02,600 Speaker 2: for that sort of highest returning option may not be 193 00:10:02,640 --> 00:10:06,920 Speaker 2: the right one. So yeah, about returns, but then thinking 194 00:10:07,000 --> 00:10:09,120 Speaker 2: about that in conjunction with the level of risk that 195 00:10:09,440 --> 00:10:12,880 Speaker 2: you're taking as well, and focusing on fees as a 196 00:10:13,240 --> 00:10:16,240 Speaker 2: great indicator of potential future returns. 197 00:10:17,000 --> 00:10:20,079 Speaker 1: What about insurance? How much should we consider insurance? 198 00:10:20,880 --> 00:10:25,040 Speaker 2: Again, like with insurance, it's almost a bit like retirement planning. 199 00:10:25,080 --> 00:10:28,720 Speaker 2: It's a very individual assessment. You know that there are 200 00:10:28,720 --> 00:10:31,880 Speaker 2: obviously different components. With a default fund, there's often a 201 00:10:31,880 --> 00:10:34,320 Speaker 2: default level of cover that can make it a bit 202 00:10:34,360 --> 00:10:37,480 Speaker 2: smoother to go through. It can be sort of streamline 203 00:10:37,480 --> 00:10:41,200 Speaker 2: the underwriting process as well. But I probably encourage anyone, 204 00:10:41,240 --> 00:10:44,079 Speaker 2: depending on their life stage to just consider what their 205 00:10:44,120 --> 00:10:47,319 Speaker 2: insurance needs are as well. They may have insurance as 206 00:10:47,360 --> 00:10:50,600 Speaker 2: part of employment plan. You know, again, if you're in 207 00:10:50,640 --> 00:10:52,839 Speaker 2: that stage of life where you think, if something happened 208 00:10:52,880 --> 00:10:55,240 Speaker 2: to me at this point in time, you know, where 209 00:10:55,240 --> 00:10:59,040 Speaker 2: would that leave my dependence. I've got my superannuation balance, 210 00:10:59,080 --> 00:11:01,360 Speaker 2: i might have some insuran and its attached. Know, if 211 00:11:01,400 --> 00:11:04,080 Speaker 2: you've got an outstanding mortgage and other liabilities, you know 212 00:11:04,120 --> 00:11:07,160 Speaker 2: what is the right amount for you? And just considering 213 00:11:07,200 --> 00:11:10,960 Speaker 2: those things and obviously comparing the competitiveness of that, but 214 00:11:11,840 --> 00:11:14,480 Speaker 2: probably some critical factors to look into the on the 215 00:11:14,480 --> 00:11:15,800 Speaker 2: insurance side. 216 00:11:16,880 --> 00:11:20,520 Speaker 1: I'm reasonably financially literate, and everything we're talking about, I 217 00:11:20,600 --> 00:11:22,800 Speaker 1: think I could go away and do it over time, 218 00:11:22,960 --> 00:11:25,280 Speaker 1: but it would take a lot of time. What about 219 00:11:25,280 --> 00:11:28,439 Speaker 1: financial advisor's role in this? Do you think people should 220 00:11:28,480 --> 00:11:30,560 Speaker 1: be talking to financial advisers about this sort of thing 221 00:11:30,640 --> 00:11:32,079 Speaker 1: or is it something you can do yourself. 222 00:11:32,640 --> 00:11:36,400 Speaker 2: Yeah, I'm with you. I think you know, through most 223 00:11:36,480 --> 00:11:39,679 Speaker 2: of my working life, I feel pretty well armed to 224 00:11:39,720 --> 00:11:42,240 Speaker 2: make a lot of these decisions. But for some people, 225 00:11:42,280 --> 00:11:46,280 Speaker 2: engaging early is great, whether that's full scale advice, whether 226 00:11:46,320 --> 00:11:48,960 Speaker 2: it's using some of the tools. You know, some super 227 00:11:48,960 --> 00:11:53,000 Speaker 2: funds offer a level of free advice. Certainly taking advantage 228 00:11:53,040 --> 00:11:56,400 Speaker 2: of those things is a benefit in terms of professional 229 00:11:56,440 --> 00:12:00,560 Speaker 2: financial advice. I think as people approach retirement, when you 230 00:12:00,600 --> 00:12:03,720 Speaker 2: sort of talk about how to structure your investments and 231 00:12:04,240 --> 00:12:07,000 Speaker 2: what resources you have to be able to spend in retirement. 232 00:12:07,120 --> 00:12:10,240 Speaker 2: You know you might have you're super fund. You know 233 00:12:10,360 --> 00:12:14,240 Speaker 2: that you may be eligible for age pension, but that 234 00:12:14,320 --> 00:12:18,520 Speaker 2: eligibility it's assessed at the household level. It's means tested, 235 00:12:18,559 --> 00:12:21,160 Speaker 2: so it depends on you know what assets you have 236 00:12:21,480 --> 00:12:24,640 Speaker 2: and where you have those. I wouldn't back myself to 237 00:12:24,720 --> 00:12:28,480 Speaker 2: navigate the complexity to set myself up confidently at that 238 00:12:28,600 --> 00:12:31,320 Speaker 2: point in time. So advice will play a critical role. 239 00:12:32,000 --> 00:12:33,880 Speaker 2: And you know, I think as the government looks at 240 00:12:33,880 --> 00:12:36,560 Speaker 2: some of these advice settings, you know there is a 241 00:12:36,600 --> 00:12:39,480 Speaker 2: shortage of advisors to sort of meet that need, you know, 242 00:12:39,559 --> 00:12:42,720 Speaker 2: and so to the extent that super funds and other 243 00:12:43,040 --> 00:12:45,960 Speaker 2: tools can come and sort of plug some of that gap, 244 00:12:46,320 --> 00:12:48,679 Speaker 2: advice is going to play a really critical role to 245 00:12:48,800 --> 00:12:51,520 Speaker 2: navigate the complexity that the people face as they come 246 00:12:51,559 --> 00:12:52,840 Speaker 2: into that retirement phase. 247 00:12:53,800 --> 00:12:55,520 Speaker 1: Aiden, thank you for talking to Fear and Greed. 248 00:12:55,840 --> 00:12:56,640 Speaker 2: Thanks for having me. 249 00:12:57,360 --> 00:13:01,800 Speaker 1: Aid Gayson from Vanguard Super I's strong and steady with Vanguard. 250 00:13:01,920 --> 00:13:04,960 Speaker 1: Visit Vanguard dot com dot au for more information and 251 00:13:05,040 --> 00:13:08,560 Speaker 1: to read the relevant pds and TMD and consider if 252 00:13:08,559 --> 00:13:11,480 Speaker 1: a product is right for you before deciding. This is 253 00:13:11,520 --> 00:13:13,880 Speaker 1: a Fear and Greed business interview. Join us every morning 254 00:13:13,880 --> 00:13:16,000 Speaker 1: for the full episode of Fear and Greed, daily business 255 00:13:16,040 --> 00:13:19,000 Speaker 1: news for people who make their own decisions. I'm Sean Elmer. 256 00:13:19,440 --> 00:13:21,360 Speaker 2: Enjoy your day.