Retirees unable to tick off bucket list
Over half of Australians have a retirement bucket list but less than one third believe they will have enough money to tick off that list, REST data showed.
The industry super's online poll showed 52 per cent of Australians have a bucket list, while 30 per cent plan to leave an inheritance behind to their children, and one in four want to relocate to the countryside or seaside.
Among those with a bucket list, 53 per cent want to travel the world.
But only 32 per cent of older Australians believe they will be able to fulfil their wishes, while 17 per cent do not think they will be able to fulfil anything on their list.
REST Industry Super CEO Damian Hill said he was most concerned about those who will not be able to fulfil any of their wishes.
"Too often people underestimate e the cost of retirement, and the gap between what people think they need to retire on and what they require in reality is often significant," he said.
"Consolidating your superannuation accounts, salary sacrificing and taking an active interest in how your superannuation is invested are small steps you can take earlier in life to maximise your retirement returns."
Accordint to the March 2014 Association of Superannuation Funds of Australia Retirement Standard, a couple wanting a comfortable retirement needs $57,817 a year, while those wanting a ‘modest' retirement lifestyle need $33,509 a year.
Recommended for you
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.
Morningstar is going to offer research ratings of funds in the $3.5 trillion superannuation sector for the first time in response to demand from financial advisers.
Treasurer Jim Chalmers has opened a consultation into the design of the annual superannuation performance test, canvassing views on a range of reform options.
