POWERED BY MOMENTUM MEDIA
Most retirees get government benefits
The proportion of Australian retirees over 55 with superannuation has gone up from 33.5 per cent four years ago to 41.3 per cent.
Despite this, more than three quarters of retirees over 55 still rely on government benefits as their main source of income, the Roy Morgan Single Source Survey found.
The research said 78.6 per cent of retirees over 55 receive some sort of benefit, down from 82.9 per cent four years ago.
"In the future, a greater number of Australians will be retiring with superannuation and the government's push towards increasing the compulsory superannuation contribution, should reflect positively in the disposable income of retirees," industry communications director at Roy Morgan Norman Morris said.
Retirees' average income has risen from $21,020 to $24,630 per annum, but this still remains well below the Australian average of $45,000.
"While 79% of retirees own their home outright, maintaining a similar standard of living as pre-retirement would be impossible for some, with the average income among retirees being far below the average," Morris said.
Three out of five retirees have a savings account (60.3 per cent) such as a term deposit, up from 54.1 per cent four years ago.
More Australians are also delving into property investments over the same period, with 7.2 per cent of retirees over 55 having property investments, compared to 6.4 per cent four years ago.
"Almost nine out of ten people aged 55+ intending to retire in the next 12 months (87.7%) have superannuation, one fifth have property investments (19.7%) and 6.1% have managed investments," Morris said.
"This will lead to a continued trend of less reliance on government benefits in the years to come."
Recommended for you
The best interests duty and new class of adviser didn't make the cut for the pre-election DBFO draft bill; however, ASFA has used its submission to outline what it wants to see from the final package.
The peak body stressed that the proposed financial advice reforms should “pass as soon as possible” and has thrown its weight behind super funds providing a greater level of advice.
Economists from the big four banks have all predicted the RBA to deliver another rate cut during its July meeting; however, some admit the decision will be a close call.
Morningstar believes there is still further to run with the potential takeover of Insignia Financial even with original bidder Bain Capital walking away.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
