Seniors don't feel financially ready for retirement: report

Seniors don't feel financially ready for retirement: report

Superannuation & Retirement Income
New research shows many older Australians feel like they don't have enough money for retirement.

New research shows many older Australians feel like they don't have enough money for retirement.

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MORE than one in three older Australians feel they don't have enough money set aside for retirement and over three-quarters have never received professional financial planning advice.

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MORE than one in three older Australians feel they don't have enough money set aside for retirement and over three-quarters have never received professional financial planning advice.

Research commissioned by St George Bank reveals that having financial security in retirement is people's biggest concern, with only just over one-fifth feeling on track for a comfortable retirement.

Despite this, 26 per cent of respondents say they have never reviewed their financial plan and another 24 per cent only review their plan once a year.

For the one-quarter of respondents who sought professional financial advice, more than half spoke to a financial adviser, while one-fifth spoke to their superannuation fund and 14 per cent to their bank.

St George Retail Bank general manager Ross Miller said the findings were a reminder to those over 50 to continually evaluate their financial plan so they can live a full life with security in retirement.

"With more than 40% of our customers over the age of 50, we know their lifestyle priorities and spending habits are rapidly changing and financial planning should reflect that," Mr Miller said.

Key findings:

  • 27% of respondents do not feel on track for a comfortable retirement.
  • 9% of respondents do not feel on track for a comfortable retirement, but do not plan to retire for some time.
  • 42% of respondents said they may be on track for a comfortable retirement but would like to have some more money set aside.
  • 22% of respondents said they are definitely on track for a comfortable retirement.
  • 73% of respondents have never received professional financial planning advice.

The research was conducted by Pure Profile in August 2016, with 1000 respondents aged 50-75 surveyed across Australia.

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