Retirement planning

Preparing for the future is important for everyone, especially for autistic individuals and their families.

In Australia, navigating superannuation and retirement planning comes with unique challenges and opportunities. By understanding these specific issues and planning carefully, autistic individuals and their carers can work toward a secure and comfortable future.

Understanding superannuation

Superannuation, or ‘super’, is a long-term savings plan to help fund retirement. In Australia, it’s a compulsory system where employers contribute a portion of an employee’s salary into a superannuation fund, which is then invested to grow over time until retirement. Employers must contribute a minimum percentage of an employee’s earnings into their superannuation fund, and employees can also make additional contributions. These funds are invested in various assets like stocks, bonds, and property to grow the balance over time. Generally, superannuation funds are inaccessible until the individual reaches preservation age, which ranges from 55 to 60, depending on their birth year.

Superannuation considerations for autistic individuals

Autistic individuals often face unique challenges in the workforce that can impact their superannuation. Higher rates of underemployment and unemployment compared to neurotypical peers can result in lower superannuation balances due to fewer employer contributions. Career breaks due to health issues or further education can also affect superannuation accumulation. Additionally, workplace discrimination can hinder career progression, limiting opportunities for higher income and superannuation growth.

Superannuation for parents/carers of autistic individuals

Parents and carers of autistic individuals often face financial pressures, making superannuation and retirement planning essential for their future security. Reduced income due to decreased working hours or leaving the workforce to provide care can impact superannuation accumulation. The costs associated with caring for an autistic individual, such as therapy, medical care, and specialised services, can strain financial resources.

Engaging in joint financial planning with a partner can help optimise superannuation contributions and retirement savings. Consulting with a financial advisor who understands the specific needs of carers and autistic individuals can provide tailored strategies for superannuation and retirement planning.

Retirement planning

Retirement planning involves more than just superannuation; it covers all aspects of financial security and wellbeing in retirement, including savings, investments, and government support. Assessing financial needs involves determining the amount of money required for a comfortable retirement and considering the potential costs of ongoing care for the autistic individual. Diversifying investments beyond superannuation can provide additional financial security, such as property, shares, and other savings vehicles. Understanding the various government support options available to retirees, like the Age Pension and the Disability Support Pension (DSP), is also important.

The Age Pension provides a basic income for retirees and is means-tested based on income and assets. Autistic individuals who are unable to work may be eligible for the DSP, which provides financial support for those with a permanent physical, intellectual, or psychiatric condition. Carer Payment and Carer Allowance provide financial support to individuals who cannot work full-time due to their caring responsibilities.

Seeking professional advice

Engaging with a financial advisor who specialises in working with families of autistic individuals can provide tailored advice and strategies. Consulting with a solicitor experienced in disability and estate planning can ensure that all legal aspects of future care and financial management are appropriately addressed. Various organisations offer free financial counselling services to help families manage their finances, including superannuation and retirement planning. Joining community support groups can provide emotional and practical support, as well as access to shared resources and information.

Preparing for the future involves careful planning and understanding of the specific needs and challenges faced by autistic individuals and their carers. By exploring superannuation, retirement planning, and available government support, you can work toward a secure and comfortable future.

Free financial counselling services

• National Debt Helpline: This service provides free financial counselling for people experiencing financial hardship. It connects families with financial counsellors who can offer advice and help manage debt, including specific challenges faced by families caring for autistic individuals.
• MoneySmart by ASIC: MoneySmart offers resources and financial counselling services through the Australian government. They provide tools, information, and access to free financial counsellors who can assist families with budgeting, debt management, and financial planning.