Australians still short of comfortable retirement
Australians are still in danger of falling short of a comfortable retirement, according to new data released at the Conference of Major Superannuation Funds (CMSF) this week.
The data, the product of research by Professor Ken Davis at the Australian Centre for Financial Studies, referenced results from the Australian Securities and Investments Commission (ASIC) retirement calculators to point to a deficiency in retirement income even among younger Australian workers - and therefore continuing significant reliance on the age pension.
However the research also pointed to superannuation being a better option for delivering on a comfortable retirement than reliance on the value of the family home.
It suggested that super had twice the effect of home value.
On the question of whether Australians were topping up their superannuation via their own contributions, the research pointed to a worrying downward trend since 2002, suggesting that most Australians were relying almost entirely on the superannuation guarantee.
This seemed to be reflected in the fact individual superannuation accumulation appeared to have slowed from levels recorded between 2002 and 2006.
AUTHOR
Mike Taylor
Recommended for you
Australia’s average superannuation balance has climbed to a record high, with women’s savings share rising and reliance on the age pension falling.
APRA has softened several governance reform proposals following extensive consultation with banks, insurers, and super funds across Australia.
The super fund’s CEO has confirmed he will finish his role in 2026.
New data shows millions of Australians have little idea how their super funds have performed over the past year.
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(%)
