Retirement

Australia’s retirement savings gap to reach $9 trillion if steps not taken

The World Economic Forum says that steps need to be taken, potentially including default retirement phase structures, if Australia is to avoid the retirement savings gap reaching $9 trillion by 2050. “Pension systems around the world all face a common problem – the strain put on existing promises for retirement… Read More »Australia’s retirement savings gap to reach $9 trillion if steps not taken

More people are retiring with high mortgage debts. The implications are huge

Written by Rachel Ong ViforJ, Curtin University and Gavin Wood, RMIT University. The number of mature age Australians carrying mortgage debt into retirement is soaring. And on average each mature age Australian with a mortgage debt owes much more relative to their income than 25 years ago. Microdata from the… Read More »More people are retiring with high mortgage debts. The implications are huge

Gen X, Y and Z think they’ll need up to $1.74 million to retire

Younger generations think they’ll need between $1.5 million and $1.74 million each in savings to retire, according to new research from ING. This contrasts to the savings required for a comfortable retirement according to the ASFA Retirement Standard, which is currently $545,000 for a single person or $640,000 for a couple.… Read More »Gen X, Y and Z think they’ll need up to $1.74 million to retire

Working older generation caught between retirement & helping children

A ‘sandwich generation’ of older working Australians, those aged 50 and over, are being squeezed financially by saving for retirement and supporting other generations, according to the super fund REST. A whitepaper commissioned by REST, The Journey Begins, finds there is growing financial intergenerational dependency in Australia, with older working people… Read More »Working older generation caught between retirement & helping children