Retirement
1 in 3 Aussies struggles in retirement
Australians are being forced to return to work or tighten their budgets, as nearly 40 per cent say they are struggling in retirement, according to industry findings.
1 in 3 Aussies struggles in retirement
Australians are being forced to return to work or tighten their budgets, as nearly 40 per cent say they are struggling in retirement, according to industry findings.
Survey results from Industry Super Australia have revealed 38 per cent of recent retirees reported either living on a very tight budget with only enough for essentials or that they were not making ends meet.
According to Industry Super Australia chief executive Bernie Dean, lifting the superannuation rate could reduce the pressure on older Australians.
“Only by lifting the super rate will workers be able to have the retirement of their choosing and the best chance to control when they end their working life,” Mr Dean stated.
“With an ageing population and many retirees doing it tough, the only way for the government to defuse this ticking time bomb is to lift the super rate.”
Industry Super’s survey revealed many Australians who are getting closer to their retirement are also struggling with anxiety about their future prospects.
“The only way to deliver them some certainty is for the super rate to be lifted to 12 per cent by 2025, as legislated. Delays to lifting the super rate has already cost the average Australian worker $100,000,” Mr Dean said.
The research finally showed the gender pay gap persists in super, with the average pre-retiree woman ($190,000) having just more than half the balance of men ($340,000), and this gender inequality can partly be attributed to women spending on average 12 years less in full-time work than men.
RELATED ARTICLES
About the author
About the author
Retirement Planning
Retirement happiness on the rise, but cost-of-living worries cloud confidence
Australians aged 60 and over are generally positive about their retirement, but concerns about the rising cost of living continue to impact their lifestyle and financial security, according to the ...Read more
Retirement Planning
Australia's retirement system nears tipping point as withdrawals surpass contributions
State Street has unveiled a significant new research series, "Reimagining Retirement," which highlights a critical juncture for Australia's retirement system. The study, released on 1 April 2026, ...Read more
Retirement Planning
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in ...Read more
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
Retirement Planning
Retirement happiness on the rise, but cost-of-living worries cloud confidence
Australians aged 60 and over are generally positive about their retirement, but concerns about the rising cost of living continue to impact their lifestyle and financial security, according to the ...Read more
Retirement Planning
Australia's retirement system nears tipping point as withdrawals surpass contributions
State Street has unveiled a significant new research series, "Reimagining Retirement," which highlights a critical juncture for Australia's retirement system. The study, released on 1 April 2026, ...Read more
Retirement Planning
Online wills initiative aims to boost superannuation and retirement engagement
In a bid to increase engagement with superannuation and retirement planning, Aware Super has expanded its online wills service, following a successful pilot program. The initiative, launched in ...Read more
Retirement Planning
New digital platform revolutionises retirement planning for Aware Super members
A groundbreaking digital platform by Aware Super is transforming the way retirees plan and manage their pensions, with significant results already seen in the pilot phase. The tool, named Retirement ...Read more
Retirement Planning
The retirement mortgage squeeze: how one bank turned a demographic risk into a strategic edge
An increasing share of Australians are entering their 60s still paying off mortgages, just as living costs and interest charges stay stubbornly high. For banks, super funds, retailers and ...Read more
Retirement Planning
The retirement mortgage crunch: what it means for banks, retailers and policy in Australia
A growing share of Australians are carrying mortgages into their 60s and beyond, colliding with persistent cost-of-living pressures and a “slow grind” macro outlook. This isn’t just a social story; it ...Read more
Retirement Planning
Majority of Australians still unsure about their retirement prospects
A recent survey conducted by MFS Investment Management® has shed light on the ongoing uncertainty faced by many Australians regarding their retirement plans. Despite a slight increase in confidence ...Read more
Retirement Planning
Wage growth steadies as businesses navigate economic challenges
In a sign that the Australian labour market may be finding equilibrium, wage growth has stabilised this quarter, according to Employment Hero's latest data. This development comes as employers ...Read more
