Most retirees get government benefits
The proportion of Australian retirees over 55 with superannuation has gone up from 33.5 per cent four years ago to 41.3 per cent.
Despite this, more than three quarters of retirees over 55 still rely on government benefits as their main source of income, the Roy Morgan Single Source Survey found.
The research said 78.6 per cent of retirees over 55 receive some sort of benefit, down from 82.9 per cent four years ago.
"In the future, a greater number of Australians will be retiring with superannuation and the government's push towards increasing the compulsory superannuation contribution, should reflect positively in the disposable income of retirees," industry communications director at Roy Morgan Norman Morris said.
Retirees' average income has risen from $21,020 to $24,630 per annum, but this still remains well below the Australian average of $45,000.
"While 79% of retirees own their home outright, maintaining a similar standard of living as pre-retirement would be impossible for some, with the average income among retirees being far below the average," Morris said.
Three out of five retirees have a savings account (60.3 per cent) such as a term deposit, up from 54.1 per cent four years ago.
More Australians are also delving into property investments over the same period, with 7.2 per cent of retirees over 55 having property investments, compared to 6.4 per cent four years ago.
"Almost nine out of ten people aged 55+ intending to retire in the next 12 months (87.7%) have superannuation, one fifth have property investments (19.7%) and 6.1% have managed investments," Morris said.
"This will lead to a continued trend of less reliance on government benefits in the years to come."
Recommended for you
The super fund has launched Retirement Manager, a digital advice tool helping members plan income, spending, and retirement confidence with integrated support.
APRA has warned retail super trustees that financial adviser involvement in recommending platform products does not diminish their obligations, as regulators turned the spotlight on the Shield Master Fund and First Guardian Master Fund during a meeting with fund CEOs.
AMP’s chief economist has unveiled a wish list for the Australian government’s Economic Reform Roundtable.
Australian retirees could increase their projected annual incomes between 3 and 51 per cent by incorporating personal and household data into their retirement income strategies, according to new research.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
215.17 3 y p.a(%)
2
Loftus Peak Global Disruption Fund Hedged
118.15 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
75.00 3 y p.a(%)
4
UBS Solactive Global Pure Gold Miners UCITS ETF Dis USD
61.11 3 y p.a(%)
5
Global X Ultra Long Nasdaq 100 Complex ETF
60.93 3 y p.a(%)
