Most Australians use up their superannuation in retirement, contrary to claims that retirees underspend, according to the Association of Superannuation Funds of Australia (ASFA).
The association’s chief executive, Martin Fahy, said the majority of Australian retirees ran out of super well before the end of their lives and there was not a systemic problem with retirees underspending or bequeathing their super.
ASFA’s latest research found:
“The main challenge for the Australian superannuation system is to deliver higher superannuation balances at retirement,” Fahy said.
“The solution for ensuring adequacy of retirement incomes is moving the superannuation guarantee to 12%.”
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