Retirement shortfall
Keeping your retirement dreams on track
An increasing number of Australians are coming to grips with the idea they wont have enough to live on in retirement, according to a survey by AXA.
The 2010 AXA Retirement Scope survey found only 50 per cent of working Australians surveyed believe that their retirement income will be sufficient, down from 61 per cent in 2006.
This drop is most likely due to the affect of the global financial crisis on superannuation balances. However, it represents a significant shortfall in retirement funding for at least half of the population.
Overall, the cross-nation report found that those with higher incomes were most likely to believe their retirement income would be sufficient at 50 per cent. Mid income level respondents were more cautious at 46 per cent and just 31 per cent of low income workers considered their total retirement income would be sufficient.
As a result, those with high income levels were significantly more optimistic than others regarding their future retirement. This can probably be attributed to the fact that those in the high income category were more prepared and had the means to make better provision for retirement than those in lower income levels.
Go to AXA's adviser website:
Login to your employer super online account:
As at 30th March 2011, AXA Asia Pacific Holdings Limited and all of its Australian and New Zealand subsidiaries ceased to be members of the Global AXA Group and became members of the AMP Group.
