April 7, 2026 — 10:53am
Save
You have reached your maximum number of saved items.
Remove items from your saved list to add more.
Save this article for later
Add articles to your saved list and come back to them anytime.
Got it
AAA
Advertising copywriter Marcus Johnson turns 70 this year. He’s enjoyed an illustrious career working for some of Melbourne’s most prestigious advertising agencies, but given the current state of his superannuation, he’s not contemplating retirement anytime soon.
He continues to work as many hours as he can each week, contributing to his super. But it was a decade ago that Johnson realised retiring in his mid-60s – like millions of workers do – would not be possible.
Marcus Johnson realised years ago he would not be able to retire when he wanted to.
“The super industry will tell you that the market has ups and downs, but I don’t have 20 years to wait that out,” he says.
“The money just isn’t there, and it’s getting harder to earn the older I get because the industry is ageist.”
Working late
The average retirement age has increased in Australia over the past two decades. Men tend to retire around 65, while women just a year younger at 64. But as the cost-of-living crisis drags on and warnings of economic turmoil due to the US war with Iran, more and more Australians are facing the prospect of working well beyond that.
Editor’s pick
Today, more than 3.3 million working Australians won’t be able to afford to retire at the traditional retirement age of 67, according to new research from Finder.
Marcus says his employer paid his super for years. But he lost half in a divorce, battled a bout of cancer, was retrenched from his job and lost another chunk during the global financial crisis. He would love to take an overseas trip with his second wife but admits that’s not going to happen any time soon.
He’s done plenty of copywriting for superannuation brands, so understands the difficult relationship people have with their super. “People just shy away from super, even though it counts for 12 per cent of what you earn,” he says.
Grandmother Kim Kleidon is in the same boat. The communications consultant from Mackay in Queensland spent years in corporate roles but now at 58, she has less than half of what she should have in her retirement fund.
Kleidon admits she has four different superannuation accounts, meaning that fees and charges have eroded what she has built over the years.
“Luckily, I love where I live, and don’t have any grand schemes to travel the world or caravan around Australia. That doesn’t appeal to me and I love to work.”
She is adamant that she’s got plenty offer. “I believe workplaces are realising the value of wisdom and maturity that older people can offer, which we’ve lost over the decades.”
No balance
Kim Kleidon has less than half of what she should have in her retirement fund.
Finder’s research found that most workers aged 30 or older don’t think they will have enough money in super or other investments to stop working by 67.
“Millions of Australians are facing the possibility that retirement will arrive before their savings are ready. For some, working past 67 won’t be a choice – it will be a financial necessity,” says Alison Banney, superannuation expert at Finder.
Finder’s Wealth Building Report found that a 30-year-old who increases their individual contributions by $5000 a year (equivalent to $96 a week), until retirement age, could have an extra $693,039 in their superannuation when they reach 65.
However, this well-intended advice around boosting your super with extra contributions does not consider that many people are already too stretched to be able to cover their household bills.
Related Article
Banney warns: “If you’re not keeping an eye on how your super is performing, you could miss out on the equivalent of a full year’s pay – or even more – by the time you reach retirement.
“It’s good to review your fund every year to see how it stacks up against others and whether its investment strategy still matches where you’re at in life.”
At the very least, roll any super into one fund to reduce fees and charges and make sure your fund is a strong performer.
To enjoy a comfortable retirement, singles typically need about $595,000 in super, while couples need $690,000, according to the Association of Superannuation Funds of Australia. Bear in mind that these figures assume you own your own home and are debt-free.
Expert tips on how to save, invest and make the most of your money delivered to your inbox every Sunday. Sign up for our Real Money newsletter.
Save
You have reached your maximum number of saved items.
Remove items from your saved list to add more.
From our partners