POWERED BY MOMENTUM MEDIA
GFC widens retirement savings gap
|
Further evidence has emerged that few Australians have a realistic chance of being able to afford the sort of comfortable retirement they really want.
New research conducted by Investment Trends this week has revealed a widening gap between Australians' expectations for a comfortable retirement and what their superannuation savings will really deliver.
Investment Trends principal Mark Johnston said the research showed there was a significant superannuation shortfall and that the situation had worsened during the global financial crisis.
The research also revealed that people had responded to this reality by changing their retirement plans either by spending less, working longer or retiring later.
Johnston said 56 per cent of survey respondents said recent volatility had had a negative impact on their retirement savings and that, as a result, they planned to delay their retirement by an average of 2.9 years.
He said the research suggested that those within five to 10 years of retirement had been hardest hit and were now planning to delay retirement by an average of 3.7 years.
In terms of government policy, the Investment Trends research carried a strong message, with 45 per cent of respondents feeling the existing 9 per cent superannuation guarantee is not enough.
AUTHOR
Mike Taylor
Recommended for you
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
A new Roy Morgan report has found retail super funds had the largest increase in customer satisfaction in the last year, but its record-high rating still lags other super categories.
In a sharp rebuke to market expectations, the Reserve Bank held the cash rate steady at 3.85 per cent on Tuesday, defying near-unanimous forecasts of a cut and signalling a more cautious approach to further easing.
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(%)
