Retirees unable to tick off bucket list
Over half of Australians have a retirement bucket list but less than one third believe they will have enough money to tick off that list, REST data showed.
The industry super's online poll showed 52 per cent of Australians have a bucket list, while 30 per cent plan to leave an inheritance behind to their children, and one in four want to relocate to the countryside or seaside.
Among those with a bucket list, 53 per cent want to travel the world.
But only 32 per cent of older Australians believe they will be able to fulfil their wishes, while 17 per cent do not think they will be able to fulfil anything on their list.
REST Industry Super CEO Damian Hill said he was most concerned about those who will not be able to fulfil any of their wishes.
"Too often people underestimate e the cost of retirement, and the gap between what people think they need to retire on and what they require in reality is often significant," he said.
"Consolidating your superannuation accounts, salary sacrificing and taking an active interest in how your superannuation is invested are small steps you can take earlier in life to maximise your retirement returns."
Accordint to the March 2014 Association of Superannuation Funds of Australia Retirement Standard, a couple wanting a comfortable retirement needs $57,817 a year, while those wanting a ‘modest' retirement lifestyle need $33,509 a year.
AUTHOR
Malavika Santhebennur
Recommended for you
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
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.
