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Retirement

1 in 3 Aussies struggles in retirement

  • March 03 2020
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Retirement

1 in 3 Aussies struggles in retirement

By Cameron Micallef
March 03 2020

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.

Aussies struggle in retirement

1 in 3 Aussies struggles in retirement

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  • March 03 2020
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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.

Aussies struggle in retirement

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.”

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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.

1 in 3 Aussies struggles in retirement
Aussies struggle in retirement
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About the author

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Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

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