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Least surprising news of the day - baby boomers have most of funds under advice

Research house, Investment Trends, has confirmed what most would have suspected anyway - those approaching or in retirement account for a massive 82% of funds under the advice of financial planners and comprise 66% of financial planning clients.

Investment Trends says it's just the beginning, with the first wave of baby boomers just reaching retirement. The number of retirees and pre-retirees is set to rise from 6.2 million to 7.9 million over the next decade and goes a long way towards explaining the challenge faced by the Australian Government as it grapples with the challenge of funding our ageing population.

The report suggests that retirees are still looking for greater assurance that their money will last over their lifetime, with a proportion buying annuities despite the low interest rates currently available on these products.

However, Equip research conducted in 2010 and in 2013 showed our members prefer retirement products that leave them in control of their capital in case they want to make additional drawdowns or, if they die, pass any remaining savings onto their families.

We will be launching a product in July designed to provide members with a predictable income while making their savings last as long as possible through retirement. Watch this space for more information in coming weeks!

If you want to find out more about Equip's financial advice services, just click here.

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These presentations are for general information only. They do not take into account your personal objectives, financial situation or needs. You should consider whether this information is appropriate for you and, if necessary, seek professional financial advice.