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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

Thanks Billie, for sharing your insights with the nestegg podcast team!

Have an investment story to share? Get in touch at [email protected] and you might get featured on an upcoming episode!

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Capitalising on the COVID-19 pandemic...

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There is $17.5 billion in lost and unclaimed super across ...

Retirement

Reality check: We’ll run out of super within 5 years

By Lucy Dean

July 23 2018
Share

Retirement

Reality check: We’ll run out of super within 5 years

By Lucy Dean
July 23 2018

The average saver will spend their entire super within five years, leaving them dependent on the age pension for more than 12 years, new research has warned.

Reality check: We’ll run out of super within 5 years

By Lucy Dean

July 23 2018
Share

The average saver will spend their entire super within five years, leaving them dependent on the age pension for more than 12 years, new research has warned.

The secret to living the desired retirement lifestyle could be to live fast and die young, new research from AMP has revealed.

“Most of us want to retire early and we want to be comfortable. However, with life expectancy continuing to rise, we are potentially leaving ourselves short of cash in our retirement years,” financial adviser Dianne Charman said.

“The research suggests many Australians are facing the prospect of having to push out their retirement plans by at least 10 years.”

The findings, based on commissioned research and data gathered from AMP’s retirement simulator, revealed that the average Australian man who retires at 65 will have a super shortage of 11.9 years, while women, thanks to their extended life expectancy, will have a super shortage of 14.1 years.

Women, however, have a greater understanding that they will likely be left short, with 71 per cent saying they’re worried about having enough money in retirement, compared with just 50 per cent of men.

“The reality is that today we need to make our earnings from 40 to 50 years in the workforce, extend across 80 to 90 years of living,” Ms Charman said, commenting on the “worrying” gap between expectation and reality.

“It’s important to think about your retirement goals and whether your super contributions will fund the retirement you want early on in life. Planning early will go a long way towards bridging the super shortage between the retirement we want and the one facing us.”

While 34-44-year-olds are most likely to be low on cash if they retire at 65, with a super shortage of 13.6 years, 81 per cent of 25-34-year-olds are the most worried. This could be why this younger age group actually has one of the lowest super shortages (12.1 years).

However, if all these age groups decided to retire at 75 rather than 65, the super shortages shorten significantly, with those aged 55-64 actually receiving two years more super than they may need, based on average life expectancy.

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