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Age pension is a ‘life near poverty level’

Empty pockets

The super industry has urged Australians to get their retirement savings on track, focusing on the inadequacy of the age pension.

Australians need to start paying closer attention to their super if they want a “more comfortable and dignified retirement”, the Association of Superannuation Funds of Australia (ASFA) says.

“Without super, many Australians face an uncertain future. Reliance on the age pension commits people to a life near the poverty level,” the ASFA said.

People need to “stay the distance” with their super and not leave it behind when their life circumstances change.

ASFA chief executive Martin Fahy pointed to the latest ATO figures that show there are more than 5.7 million lost and ATO-held super accounts. Together, these accounts are worth more than $14 billion.

“Lost uncontactable and lost inactive accounts are still held by super funds, but unclaimed super money is held by the ATO,” Mr Fahy said.

“ASFA encourages Australians to go to MyGov, call the ATO on 13 10 20 or talk to their fund to get help reuniting with their super.”

Age pension is a ‘life near poverty level’
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