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

Superannuation
Should the government add $5k to low-income super balances?
Superannuation funds are proposing that the Morrison government should add $5,000 to low-income earners’ retirement funds, after 1 million young workers have emptied their super during the COVID-1...Read more

Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more

Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more

Superannuation
Should the government add $5k to low-income super balances?
Superannuation funds are proposing that the Morrison government should add $5,000 to low-income earners’ retirement funds, after 1 million young workers have emptied their super during the COVID-1...Read more

Superannuation
2020’s top-performing super funds revealed
Australia’s top 10 performing growth superannuation funds for the 2020 calendar year have been revealed. ...Read more

Superannuation
SA’s $2bn superannuation drain puts 34k residence in zero territory
More than 34,000 South Australian residences have almost emptied their superannuation coffers, as members take advantage of the government’s early access to superannuation scheme, new research has s...Read more

Superannuation
How did your super fund perform in 2020?
Despite the COVID-19 pandemic, superannuation funds have delivered a positive return for members over the 2020 calendar year, new research has revealed. ...Read more

Superannuation
Senator slams super funds: ‘People are smarter than super funds think’
Senator Andrew Bragg has hit out at superannuation funds after they stood up in opposition to the government’s alleged plan to ask workers to choose between putting money in their super or having m...Read more

Superannuation
Why opt-in super proposal is a ‘secret tax’ on Aussie workers
A proposal to give workers the option to pick between a wage rise or a super contribution increase has been slammed by industry funds, branding it as “a secret tax” on workers. ...Read more

Superannuation
Early super access could be less than expected
Money accessed through the early release of super scheme looked to be coming in under the government’s revised expectations as the scheme drew to a close at the end of 2020. ...Read more

Superannuation
Proposed super reforms to rob millions of Australians
Australia’s largest union has rejected the government’s new super reforms on the basis it will leave members worse off long-term due to being “stapled” to a high-fee fund. ...Read more