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Only 51 per cent of Aussies feel prepared for retirement, new research by Colonial First State found. \u00b7 Source: Newswire\/Getty <\/p>\n Only 51 per cent of Aussies feel prepared for retirement, new research by Colonial First State found. \u00b7 Source: Newswire\/Getty <\/p>\n
Only half of Aussies are feeling prepared for retirement<\/a>, with many worried they won\u2019t have enough money to live comfortably or they will outlive their superannuation savings<\/a>. And it\u2019s even worse for those approaching retirement.<\/p>\n About 61 per cent of Aussies aged 50 to 59 in the decade before retirement are worried about whether they will have enough savings to live comfortably<\/a>, new research from Colonial First State found. Aussies say they want to retire at 62, but expect the reality is they will keep working until 66, representing a four-year gap.<\/p>\n CFS executive director of growth and retirement, Marissa Powe, told Yahoo Finance that with the cost of living rising<\/a> and people living for longer than before, they now need their retirement savings to stretch further.<\/p>\n RELATED<\/p>\n \u201cPeople feel like they need more money to retire comfortably and that\u2019s up about $183,000 since our last survey,\u201d Powe said.<\/p>\n \u201cThat\u2019s starting to add to that anxiety and that mental load, with more than half of them worrying about having enough money.<\/p>\n \u201cThey\u2019re also seeing health care costs rising, they\u2019re supporting family members<\/a> that need additional support and that all costs money.\u201d<\/p>\n Half of Aussies surveyed said they were concerned about unexpected health or aged care costs, while 37 per cent feared outliving their super savings.<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/a><\/p>\n Expectations for a comfortable retirement jump <\/p>\n Aussies now think they need $1,005,951 to achieve a comfortable retirement, up from the $823,000 reported in last year\u2019s survey.<\/p>\n This is higher than industry benchmarks<\/a>, with Association of Superannuation Funds of Australia (ASFA) budgets showing singles need $630,000 and couples need $730,000 at the age of 67 for a comfortable retirement.<\/p>\n This is based on the retiree being a homeowner and assumes they draw down all their capital and get a part age pension.<\/p>\n ASFA updated these figures<\/a> for the first time in three years earlier this year, following increases in living costs and changes to deeming rates<\/a>.<\/p>\n The average Aussie is falling short of the figures. The latest ATO data from June 2023 shows the average super balance for someone aged 50 to 54 was $254,071 for males and $190,175 for females.<\/p>\n For those aged 55 to 59, males had an average balance of $319,743 and females $242,945.<\/p>\n Withdrawals spike as Aussies encouraged to seek help <\/p>\n CFS said it saw a spike in partial withdrawals from those in the pension phase in March, when stock markets experienced volatility due to the war in Iran.<\/a><\/p>\n Powe said the super and wealth management group was seeing from calls to its call centre that the cost of living was a \u201csignificant concern\u201d for many, with people protecting themselves or potentially looking to stockpile savings.<\/p>\n It did not see a huge increase in people switching super investments.<\/p>\n \u201cI think Australians are just trying to manage all of that pressure that\u2019s on them at the moment,\u201d Powe said.<\/p>\n Powe said there were simple steps Aussies can take now to help them feel more prepared for retirement.<\/p>\n That includes taking stock of your position, including your super balance, income sources, debts and consolidating multiple super accounts, setting your goals for retirement, checking your investment strategy and insurances, and reviewing beneficiary nominations<\/a>.<\/p>\n Getting advice, whether it\u2019s from your super fund or a financial adviser, can also help.<\/p>\n \u201cAustralians that do get financial advice feel much more confident, so around 77 per cent feel prepared for retirement if they’ve had advice compared to 45 per cent of those who don\u2019t,\u201d Powe said.<\/p>\n \u201cThat just demonstrates the tangible impact advice can have on their confidence.\u201d<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n