Recent research* reveals a concerning trend in retirement confidence. When it comes to retirement, the outlook is a little bleak. The research highlights Australians’ confidence in the quality of their life after work is ebbing away.
- We expect to have less saved
- More of us think we’ll have a financially difficult retirement
- We’re less confident we’ll have enough to enjoy the retirement we hope for.
Working Australians are particularly worried about not having enough money, having to work later than expected and the rising cost of living, with almost one in two (49%) 50-59 year-olds extremely concerned about inflation. Worries are particularly acute the closer you get to retirement, with 27% of 55-59 year-olds expressing concerns. And women in particular lack confidence.
- Almost a third (27%) of women are not at all confident they’ll achieve their desired standard of living.
- Women are significantly more concerned (63%) than men (44%) they won’t have enough to live on.
Get help from the experts
There’s plenty of research showing that people who draw on expert advice are less financially stressed and make better decisions.
Advisers can help by:
- Educating their clients about how much they need to retire. This can increase visibility of goals, spur engagement and improve retirement savings
- Emphasising the importance of planning ahead – those with financial goals expect to have a more comfortable retirement (53% compared with 38%)
- Bridging the gap between what workers expect to need ($600,000) and what they expect to have ($400,000) by the time they retire.
- Advising clients on how to best utilise their financial resources and the retirement income system to derive the best standard of living in retirement.
- Adapting to retirement and understanding some of the non-financial drivers of retirement satisfaction (such as health, connections etc)
Interested to learn more?
Join our upcoming free “Ready for Retirement” webinar. Designed for people nearing retirement, AGS Financial Group Director and founder Alex Berlee will guide you through the key steps in planning for retirement, including:
- Understanding your retirement goals
- Retirement income sources including superannuation pensions
- Strategies to maximise your savings and income
- Transition to retirement
- Accessing Centrelink
All registrants will be able to access the event recording, in case you can’t catch the full session on the day.
Published : 26 Jun 2023