Half of Australians feel financially insecure about retirement, with some groups feeling even more uncertain. (Source: Getty\/AAP) <\/p>\n
Millions of Aussies are set to retire<\/a> in the next decade, but half of us are not feeling confident about our finances. It\u2019s sparked a \u201cwake-up call\u201d for Aussies as the cost of a comfortable retirement<\/a> soars.<\/p>\n AMP has today launched its Retirement Confidence Pulse, a new national barometer tracking how financially confident Aussies feel about retirement<\/a>. The first score is 50\/100, revealing that half of us are feeling financially insecure<\/a> about life after work.<\/p>\n Some groups are feeling even more financially insecure, with just two in five women feeling confident compared to three in five men.<\/p>\n RELATED<\/p>\n Single Australians, particularly single mums<\/a>, along with job seekers and those in the \u201csandwich generation\u201d juggling kids and aging parents<\/a>, were also found to be under pressure.<\/p>\n \u201cAustralians over the age of 65 will make up nearly a quarter of our population within four decades \u2013 a demographic shift set to reshape the nation’s economic and social landscape,\u201d AMP chief executive Alexis George said.<\/p>\n \u201cYet, as this Pulse shows, despite growing super balances<\/a> and national wealth, too many feel financially insecure about life after work \u2013 an issue that needs to be front and centre for policymakers and the superannuation industry.\u201d<\/p>\n Do you have a story to share? Contact tamika.seeto@yahooinc.com<\/p>\n Just half of middle-income Australians earning between $45,000 and $135,000 reported feeling confident.<\/p>\n That changed with rises in income, with three in four earning between $190,000 and $250,000 feeling confident.<\/p>\n The findings come as the rising cost of living<\/a> pushes the cost of achieving a comfortable retirement up.<\/p>\n Retirees<\/a> now need more than $13,000 per year compared to five years ago, the latest Association of Superannuation Funds of Australia (ASFA) data found.<\/p>\n Couples aged 65 now need $75,319 per year to achieve a comfortable retirement, while singles require $53,289 per year.<\/p>\n Recent increases have been driven by rises in private health insurance<\/a>, electricity<\/a> and fresh food.<\/p>\n When it comes to retirement finances, a key figure will be your superannuation balance<\/a>.<\/p>\n ASFA estimates that a 67-year-old couple would need $690,000 in their superannuation to achieve a comfortable retirement, while a single would need $595,000.<\/p>\n This is based on someone who owns their own, draws down all their capital and receives a part-age pension from the government.<\/p>\n Super Consumers Australia has also released targets<\/a> and estimates that couples would need $420,000 in superannuation and singles $310,000 in super to maintain their living standards through their retirement.<\/p>\n Combined with the age pension, homeowners with this amount could have an annual amount of $43,000 and $62,000 until age 90.<\/p>\n AMP has encouraged Aussies to get in touch with their super fund or adviser for guidance, along with accessing their super funds free online advice and tools.<\/p>\n The Australian government\u2019s MoneySmart website<\/a> also provides budgeting and retirement planning resources.<\/p>\n Get the latest Yahoo Finance news – follow us on Facebook<\/a>, LinkedIn<\/a> and Instagram<\/a>.<\/p>\n