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Retirement timeline unknown for Aussies
One-in-five Australians who are not retired think about retirement every day but many have not planned for this phase of life, according to BT Financial Group (BTFG).
The BT Australian Financial Health Index found 29 per cent of Australians cannot give an estimate of how long they will be retired, while 26 per cent expect to be in retirement for 20 to 29 years, and eight per cent expect to be retired for less than 10 years.
BTFG general manager of superannuation, Melinda Howes, said many Australians did not have a clear idea of how long they would be in retirement because they had not planned for retirement.
The index also found that 41 per cent of pre-retirees (aged 55 to 64) thought about the prospect of retirement either often or daily.
"It's not surprising that those closest to retirement are thinking about it the most, but the big difference is between worrying and thinking about it, plan, to taking action, getting advice and feeling confident about retirement," Howes said.
A further 58 per cent reported sometimes or rarely thinking about retirement and 21 per cent said they never thought about retirement at all.
BTFG also said those who felt excited and energised when planning for their retirement had grown from 14 per cent to 21 per cent.
"It's great to see more Australians engaged with super, but the reality is, we can all be more proactive in affecting the outcome," Howes said.
"It's really a great time for more Australians to seize the day, take stock and make a super plan."
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