38% of recent retirees struggling financially, survey finds

Research released by Industry Super Australia has found that almost 40% of recent retirees struggle financially, which the group is using to support calls for a higher Super Guarantee rate. 38% of the survey respondents who had recently retired said they were either living on a very tight budget – with only enough for essentials… Continue reading 38% of recent retirees struggling financially, survey finds

Most older Australians worry they’ll run out of money in retirement

Most older Australians – 53% – worry they’ll run out of money in retirement, research by National Seniors Australia has found. The survey also found that women are more worried about outliving their savings, 59% compared to 47% of men. The research report from National Seniors – titled Retirement income worry: Who worries and why?… Continue reading Most older Australians worry they’ll run out of money in 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 because of increases in life… Continue reading 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 Bureau of Statistics survey of… Continue reading More people are retiring with high mortgage debts. The implications are huge

Retirement savings falling short for those planning to retire soon

Almost 440,000 people are expected to retire in the next 12 months, an increase compared to recent years. But there are questions over if they have enough saved to provide for their retirement. The latest figures from Roy Morgan has 439,000 people expecting to retire in the next 12 months, which is up from 414,000… Continue reading Retirement savings falling short for those planning to retire soon

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. The research also found differences… Continue reading Gen X, Y and Z think they’ll need up to $1.74 million to retire

Saving for retirement important for 95% of property investors

Concern about not having enough saved for retirement is driving investment in property, new research has found. Retirement is the most common reason for buying an investment property, according to research released by the Australian Institute of Superannuation Trustees (AIST). Based on surveys, the research found that saving for retirement was important for 95% of… Continue reading Saving for retirement important for 95% of property investors

Older Australians failing to plan for longer lives spent in retirement

Older Australians are failing to plan later in life, despite increasing life expectancy New research by National Seniors Australia found that a quarter of people had done no planning for a longer life. National Seniors Research Director Professor John McCallum said that life expectancy at age 65 had increased by around 6 years since the… Continue reading Older Australians failing to plan for longer lives spent in retirement

Over 80% of Gen X and Y won’t have enough for a comfortable retirement

Over 80% of Generation X and Y Australians may not be able to afford a comfortable retirement, according to new research. 81.3% of people born between 1966 and 1994 – Gen X and Y – will not have enough saved for a comfortable retirement, finds the Griffith University Reinvention is the new Retirement report. The research,… Continue reading Over 80% of Gen X and Y won’t have enough for a comfortable retirement

Lower for longer investment returns leave SMSFs further from goals

The lower for longer investment outlook is leaving SMSF members further from reaching their retirement goals. Lower investment returns has increased the amount needed for a comfortable retirement, according to new research released by the SMSF Association and Accurium. For a couple aged 65 the amount needed has increased by 17%, from $702,000 to $824,000.… Continue reading Lower for longer investment returns leave SMSFs further from goals