Self-funded retirees forced back to work
One in four self-funded retirees have either returned or plan to return to the workforce as a result of losses to their retirement savings, according to research by CoreData.
The group’s research found that one in two self-funded retires have lost 25 per cent or more of their assets due to the global financial crisis. As a result, retirees are being forced back to the workplace and are cutting back on spending.
Fewer than 15 per cent of self-funded retirees and pre-retirees (with plans to retire within five years) have managed to escape loss of wealth since the global financial crisis began.
One in two self-funded retirees have seen their retirement funds (including super, excluding property) shrink by 25 per cent over the past two years. Meanwhile, one in 10 of the self-funded retirees canvassed in the research have lost more than half of their invested wealth (excluding unlisted property) over the past two years.
One in 10 plan to downsize their home, while one in 20 have already done so.
The study involved 1,082 individuals aged 50 and over.
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