Most Australians still unprepared to retire

31 May 2011
| By Mike Taylor |
image
image
expand image

New research commissioned by major insurer Metlife has confirmed that Australians are still ill-prepared for retirement, with only one in four saying they have achieved their retirement goals or are likely to do so.

The new research, released at a Retirement Incomes breakfast hosted by Money Management’s sister publication, Super Review, confirmed that only four in 10 Australians have planned for retirement in terms of utilising investments over and above those contained within their superannuation fund.

“Sixty per cent of Australians are relying solely on their superannuation for their retirement planning,” Metlife’s chief marketing and distribution officer, Eric Reisenwitz told the breakfast.

However, he said that most employees had not accumulated enough towards their retirement, with the average superannuation balance for Australians aged over 50 sitting at $52,500 for men, and less for women.

Reisenwitz said women were at greater risk due to longer life expectancy and less planning.

The good news contained in the research is that those people who had actively planned for their retirement appeared confident in their ability to reach their goals in the next five years, with fewer than a third of such people feeling they were still behind.

Homepage

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 1 day ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

2 weeks 6 days ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 3 days ago