Research Shows Older Workers Still Don’t Have Enough Super

Many baby boomers approaching retirement are having to work longer to have enough super to retire on.

REST Industry Super released its annual survey of people approaching retirement last month and it didn’t make cheerful reading.  Nearly one third of the 1000 people over fifty who were surveyed had a balance in their super fund of less than $100,000.  Half of the survey respondents believed that they will need to rely on the Age Pension to fund their retirement.

Respondents to the survey on average suggested that they expected to work till 69 to have enough to retire on.  Part of the reason why many older super members didn’t have enough for a comfortable retirement is that they have only been accumulating superannuation since the compulsory levy was introduced in 1992, and that’s not long enough for many super fund members.

Even though many older workers didn’t have enough, 72% of the people surveyed who had older children, said that they intended to use part of their super payout to help their children financially.

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