Retirees struggling to make ends meet
Over a quarter of retirees have been forced to return to work in order to make ends meet, according to an Industry Super Australia (ISA) survey.
The survey found 38% of recent retirees reported either living on a very tight budget with only enough for essentials, or that they were not making ends meet. This was up from 30% in 2010.
Another 20% of retirees said their golden years were not as comfortable as they had expected.
The average pre-retiree woman had $190,000, just more that half the balance of men at $340,000, partly attributed to women spending on average 12 years less in full-time work than men.
ISA chief executive, Bernie Dean, said: “With almost 40% of retirees struggling to make ends meet Australian workers cannot afford any delay to the promised increases in the super guarantee rate.
“Only by lifting the super rate will workers be able to have the retirement of their choosing and the best chance to control when they end their working life.
“With an ageing population and many retirees doing it tough, the only way for the government to defuse this ticking time bomb is to lift the super rate.”
ISA noted delays to lifting the super rate had already cost the average Australian worker $100,000.
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.
