Most Australians still unprepared to retire
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.
AUTHOR
Mike Taylor
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