Insider · World Post
4.2 million Aussie employees don’t believe they’ll be able to stop working when they want to. Almost one in five Australians believe retirement will never come, with new research exposing a superannuation crisis threatening millions of workers. A Finder survey of 757 employed Australians revealed 17 per cent believe they will never have enough money to retire.
A Finder survey of 757 employed Australians revealed 17 per cent believe they will never have enough money to retire. A further 12 per cent expect they’ll need to keep working part-time later than planned just to make ends meet. That’s 4.2 million Aussie employees who don’t believe they’ll be able to stop working when they want to.
MORE NEWS: Classic Queenslander now a sleek beach house In the red: Qld landlords plunged into $593m black hole $20k: The price for a square metre in Qld’s priciest suburb Richard Whitten, money expert at Finder. Richard Whitten, money expert at Finder, said many worry their super balance is not enough to fund a comfortable retirement. “A significant number of Australians are expecting retirement to be about getting by, not living well,” he said.
“Instead of picturing years of freedom after decades of work, many are bracing for a longer working life or resetting expectations of what retirement will look like.” Almost one in five Australians believe retirement will never come. Finder’s research reveals almost one in four (24 per cent) believe their superannuation will provide just enough to cover the bare necessities. Meanwhile, one in three (32 per cent) expect they’ll be able to travel occasionally but will still need to watch every dollar.
The choices people make well before they retire can shape the lifestyle they end up with. Mr Whitten said the choices people make well before they retire can shape the lifestyle they end up with. “Retirement might feel like a long way off, but the sooner you start paying attention to your super, the more room you have to build your balance before you need it,” he said.
“Simple steps like comparing super funds, consolidating multiple accounts, reviewing your investment option and making extra contributions can add tens or even hundreds of thousands of dollars to your balance by the time you retire.” Taking a few minutes each year to review your super could mean the difference between simply surviving and genuinely enjoying your retirement. Mr Whitten said Australians shouldn’t assume their current super balance will automatically deliver the retirement they want. “Rising living costs only make retirement more expensive.
“Australians can’t afford to neglect their super while they’re working. “Retirement isn’t only about leaving the workforce, it’s about having the freedom to spend time with the people you love, travel, chase your interests and enjoy what you’ve worked hard to build. “Taking a few minutes each year to review your super could mean the difference between simply surviving and genuinely enjoying your retirement.” Just 16 per cent believe they’ll have enough super to travel the world and enjoy retirement with few financial limitations.
Source: realestate.com.au
