Retirement
Aussies not planning their retirement lifestyle
Nearly two-thirds of Australians have no plan for how they will live in retirement, a new survey has found.
Aussies not planning their retirement lifestyle
Nearly two-thirds of Australians have no plan for how they will live in retirement, a new survey has found.
The 2017 Australian Employee Insights Report, conducted by Sunsuper, found that 63 per cent of Australians haven’t planned for how they’ll live in retirement, with around 40 per cent saying they haven’t even thought about how they’ll use their super to fund their lifestyle.
“It is concerning that many Australians don’t know or haven’t thought about using their super to fund retirement,” said Anne Fuchs, who heads up Sunsuper’s advice and retail distribution team.
While the data Sunsuper collected may be concerning, Michael Hutton of HLB Mann Judd told Nest Egg that it’s not surprising.
“A lot of people are just busy paying their bills and getting by day-by-day, and retirement’s off in the future, so they’re just not thinking about it too much,” he said.
“This is a problem because eventually it does happen and then people retire without very much spare or investment wealth, and possibly still even a mortgage on their house, and then become quite reliant on the government pension.”
Mr Hutton, a partner in HLB Mann Judd’s wealth management and superannuation team, said Australians who were yet to make a plan for how they want to live in retirement should really do so as soon as possible.
“The sooner the better, whatever stage you’re at,” he said.
For many people, retirement can be more expensive than working, Mr Hutton added, and retirees who haven’t adequately prepared for the changes in their lifestyle can often be caught out by this.
Additionally, regular expenses such as insurance and electricity are often easier to pay when earning a regular income, Mr Hutton said, but doing a review of those costs will be crucial in retirement – and those who review their regular expenses prior to retirement might enjoy additional savings before leaving the workforce by conducting such a review.
The most important thing for pre-retirees, however, was to have a plan for what they do with the money they save each month.
“That’s a big thing actually, people just don’t know what to do and have no idea of where they’re going to put that spare money if and when it arrives,” he said.
“Have a strategy in place so if you were to save for example $1,000 a month, what would you do with it? Have a method for where to put it.”
RELATED ARTICLES
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
