It goes without saying that people would like to retire in comfort, and many strive to save and invest effectively during their working life to ensure a certain lifestyle for their golden years. How successful are people globally at achieving this?
We spoke to over 22,000 people from 30 countries to explore financial expectations for retirement and how these compare to the experiences of people who have already retired.
Key insights for Australians include:
- Australians expect to spend an average of 39% of their retirement income on basic living expenses — but the reality is retirees require 58%.
- Working Australians feel they should be saving 15% of their current income for a comfortable retirement, but they only save an average of 12%.
- In Australia, 61% of retirees state they do not have enough, or could do with more income to live comfortably.
- Australian retirees currently live off 52% of their final salary as an income. This compares to 71% of final salary which working Australians feel they will need in retirement.