Most singles aged-pension reliant
Almost 50 per cent of Australians are not on track for a comfortable retirement and will need the aged pension to supplement their savings, research has found.
Only 53 per cent of couples and 23 per cent of singles have enough in the bank to sustain their quality of life in their remaining years, based on the ASFA retirement standard, according to a study by Towers Watson and the University of Melbourne.
According to ASFA, couples need around $57,655 and singles $42,158 for a comfortable retirement, which means an alarming proportion of Australians are still falling short, the Household, Income and Labour Dynamics in Australia (HILDA) survey found.
As a consequence, a large number of both singles and couples will be heavily reliant upon the aged pension, Melbourne Institute Associate Professor Roger Wilkins said.
“The research indicates that between ages 65 to 90, the age pension will provide 61 per cent of the retirement income of single people and 39 per cent of the retirement income of couples.
“Moreover, 96 per cent of single people and 89 per cent of couples aged 40 to 64 today are expected to receive at least a partial age pension at some stage during retirement.”
Recommended for you
Data and technology provider Novigi has acquired Iress’ superannuation consulting and managed services business from Apex Group.
AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions.
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
