Nearly 40 per cent of retirees struggling financially

Retirees struggling to make ends meet

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PENSION POVERTY: New data shows retirees are going back to work just to pay the bills. Photo: Shutterstock.

PENSION POVERTY: New data shows retirees are going back to work just to pay the bills. Photo: Shutterstock.

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A new study says 38 per cent of recent retirees are struggling to make ends meet.

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ALMOST 40 per cent of recent retirees are struggling financially.

According to a new survey commissioned by Industry Super Australia, more than a quarter of the recently retired had to go back to work just to pay the bills.

More than 730 industry super fund members over 47 were interviewed for the research.

It found 38 per cent recent retirees reported either living on a very tight budget with only enough for essentials, or that they were not making ends meet.

It's an increase from similar research conducted in 2010, which found 30 per cent of retirees were struggling.

Industry Super Australia's chief executive Bernie Dean said it was important for the super rate to be increased to 12 per cent by 2025, as previously legislated.

"Only by lifting the rate will workers be able to have the retirement of their choosing and the best chance to control when they end their working life," Mr Dean said.

"With an ageing population and many retirees doing it tough, the only way for the government to defuse this ticking time bomb is to lift the super rate."

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