Speaking to AccountantsDaily, Deloitte’s superannuation partner Russell Mason said because many retirement and pre-retirement strategies are tax-focused, accountants play a significant role in maintaining their clients’ retirement savings.
Mr Mason also noted that accountants have long been considered a “great influencer” of their clients, and should leverage their position as the trusted adviser in discussions about retirement savings.
“Accountants are numbers people so they can alert their clients to the likely income needs of longevity, which a lot of people are very naïve about,” Mr Mason said.
“I think accountants need to give some of their clients a wake-up call,” he added.
Deloitte has long expressed concern about longevity risk in Australia, highlighting in recent research that superannuation will not provide adequate support in retirement for most Australians.
“The system in its current form will not deliver adequacy. It must change. From government we need policy settings that build trust, foster greater efficiency and competition, and sensibly apply concessions across the working lifetime of individuals,” said special superannuation adviser at Deloitte Wayne Walker.