Over 50s realistic about retirement

Australians have radically changed their attitude to retirement, abandoning the hope of leaving the workforce at age 55 and opting now for an average of 65.1 years.

That was one of the key findings of research presented today at the Association of Superannuation Funds of Australia national conference being held in Auckland, New Zealand.

The research, conducted by McNair Ingenuity, also confirmed that people aged between 50 and 65 were more likely to be using a financial planner.

Consistent with other previous research, the McNair data also revealed that people aged over 50 were far more realistic about their likely retirement incomes.

While those under 50 expected to retire on an income of over $50,000 a year, those aged over 50 expected a retirement income in the $30,000 to $49,000 range.

The McNair research also indicated that over 50s were likely to be more unhappy with their superannuation funds, unless they had a self-managed superannuation fund.

The research, conducted in September, suggested that people had not become unduly spooked by the market meltdown, however, a majority of respondents wanted their funds to be big and secure.

The research also suggested that the marketing campaign conducted by the industry funds had gained considerable traction, with many survey responses reflecting the messages contained in the industry funds’ advertising.