Australians still short of a comfortable retirement
Australians are still not saving enough to afford a comfortable retirement — a situation that would be improved significantly if the superannuation guarantee were raised to 12 per cent, according to new research released by AMP today.
The latest AMP.NATSEM Income and Wealth Report reveals that while Australians now expect to spend about 20 years in retirement after age 65, few are actually saving enough to provide for a comfortable life over those years.
It suggest that at least one of the answers to this problem would be lifting the super guarantee to 12 per cent — something calculated to increase the superannuation balances of men by an average of 25 per cent, while at the same time reducing age pension outlays by the order of 2.3 per cent.
Commenting on the research, AMP Financial Services managing director Craig Meller said adequate retirement funding was a critical issue that needed to be managed by increasing the superannuation guarantee to 12 per cent.
“As a nation we need to promote discussion with policy makers and people in the industry to explore ways to achieve adequate retirement funding for all,” he said.
AUTHOR
Mike Taylor
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