POWERED BY MOMENTUM MEDIA
Retirement underfunding remedy starts with super
Australians expect to spend a total of 23 years in retirement but only have enough funds to sustain themselves for 10 years, however a portion of the population recognise the need to increase their retirement savings to sustain desired living standards in retirement with super suggested as the place to start making changes.
A recent survey by HSBC revealed Australians' retirement saving rates are far behind retirement expectations with the large gap between expected time in retirement and retirement funds making Australians' saving rates for retirement "among the worst in the world".
However Mortgage Choice's recent survey of 1,100 Australian, Happy As Index, showed an acknowledgement of this retirement fund gap with 50 per cent of mortgage holders planning to make changes to their financial situation this year, of which 22.9 per cent recognised the need to increase their retirement savings to sustain the standard of living they want in retirement.
Mortgage Choice financial planning spokesperson Jessica Darnbrough, suggested superannuation could be a good starting place for Australians looking to make changes to their retirement savings.
"When planning for retirement a good place to start would be with your superannuation. There are a few simple ways that Australians can boost their super and make a considerable difference to their final nest egg."
AUTHOR
Priya Prakash
Priya was Money Management and Super Review's Online Manager/Production Coordinator.
Recommended for you
Speaking to Super Review, the $70 billion fund has unveiled its new solution to address the ‘cognitive load’ of retirement as members enter their golden years.
New research has suggested it’s time to reconsider the home as a fourth pillar of the retirement income system, alongside the age pension, superannuation, and voluntary private savings.
New research has revealed over 60 per cent of retirees believe their super fund offers retirement income products suitable to support their retirement lifestyle.
Some retirees are “needlessly” paying two sets of fees and often more tax than they need to, according to the industry body.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
2
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.72 3 y p.a(%)
3
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
27.64 3 y p.a(%)
