Boomers to live retirement ‘to the full’
Australian baby boomers are looking to spend their retirement living life to the full, and are actively planning to be able to afford it, according to a Commonwealth Financial Planning survey.
The survey revealed almost 60 per cent of boomers — those aged 45 to 64 — expected their retirement lifestyle to be of a better quality than that of their parents.
Conducted by Galaxy Research, the survey also found more than 68 per cent believed they would be able to afford the lifestyle they wanted.
Commonwealth Financial Planning general manager Tim Gunning said boomers saw retirement as a chance to “do the things they had put off earlier in life due to other commitments.
“And when it comes to financing these plans, a significant proportion of boomers are already making preparations to see them on their way,” Gunning said.
The survey found 56 per cent of baby boomers were building assets such as shares and property, and 44 per cent were making additional superannuation contributions.
It also found working commitments were expected to continue into retirement, with almost 40 per cent intending to work either full or part time.
Forty per cent planned to spend their savings in retirement on home renovations, upgrading possessions and eating out.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
