Australians still short of comfortable retirement

22 March 2012
| By Mike |
image
image
expand image

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. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 1 week ago
Kevin Gorman

Super director remuneration ...

10 months 2 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 2 weeks ago

The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members. ...

1 day 17 hours ago

Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award....

2 days 8 hours ago

APRA data shows the CFMEU accounted for 28 per cent of super fund industrial contributions, with the shadow treasurer calling for a prompt investigation into the payments...

3 days 12 hours ago