Most Australians still unprepared to retire
New research commissioned by major insurer Metlife has confirmed that Australians are still ill-prepared for retirement, with only one in four saying they have achieved their retirement goals or are likely to do so.
The new research, released at a Retirement Incomes breakfast hosted by Money Management’s sister publication, Super Review, confirmed that only four in 10 Australians have planned for retirement in terms of utilising investments over and above those contained within their superannuation fund.
“Sixty per cent of Australians are relying solely on their superannuation for their retirement planning,” Metlife’s chief marketing and distribution officer, Eric Reisenwitz told the breakfast.
However, he said that most employees had not accumulated enough towards their retirement, with the average superannuation balance for Australians aged over 50 sitting at $52,500 for men, and less for women.
Reisenwitz said women were at greater risk due to longer life expectancy and less planning.
The good news contained in the research is that those people who had actively planned for their retirement appeared confident in their ability to reach their goals in the next five years, with fewer than a third of such people feeling they were still behind.
AUTHOR
Mike Taylor
Recommended for you
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
Altus Financial, based on NSW's Central Coast, has announced a merger with advisory firm Fortunity to strengthen its presence in the region and expand its service offerings.
