Only 13% of Australians believe they will have full control over their retirement, according to a new study by Compare the Market.
The study (of 3,000 people( found that one in three Australians believed they won’t be able to retire when they are 65 years old. The majority of these were aged between 45 and 54 years old. According to the study, however, millennial are pretty confident about where they’ll be when their retirement comes…
According to the General Manager of Banking at Compare The Market, Rod Attrill, Australians are told they need around $545,000 in order to live a comfortable retirement. And with the Age Pension age increasing to 67 years in the near future, Australians are under even more pressure if they want to retire at that age.
17% of Australians felt they would need to dip into their superannuation if they were unemployed for more than three months, or if they lost their job unexpectedly.
The report also found that 27% of men and 33% of women didn’t have any superannuation at all.
Add Comment