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.