Future retirement incomes falling
Future retirement incomes are falling along with falling share market returns and voluntary super contributions, according to the AMP Superannuation Adequacy Index for the six months to June this year.
It said Australians are expected to retire on an annual average income of $41,992 in today’s dollars — $25 or 3 per cent less than for the index period to December last year.
Almost four million Australians (or 37 per cent of the workforce) were found to be behind what they need for an adequate retirement — a 7 per cent increase on the previous index.
Super balances fell by an average of $1,362 per member or 3.1 per cent for the six months to June this year, but remain above where they were at June 2007, it said.
The balances of older Australians were the hardest hit, with index balances for those aged over 55 years falling by 8.9 per cent.
However, AMP financial services managing director Craig Meller predicted super adequacy would improve over the longer term as market conditions improve.
Recommended for you
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
The ETF provider has flagged a number of developments as it formally enters the superannuation space through a major acquisition.
While all MySuper products successfully passed the latest performance test, trustee-directed products encountered difficulties.
Iress has appointed Insignia Financial’s former general manager of master trust and insurance products as its newest CEO of superannuation, who will take over from Paul Giles.
