POWERED BY MOMENTUM MEDIA
Retirement timeline unknown for Aussies
One-in-five Australians who are not retired think about retirement every day but many have not planned for this phase of life, according to BT Financial Group (BTFG).
The BT Australian Financial Health Index found 29 per cent of Australians cannot give an estimate of how long they will be retired, while 26 per cent expect to be in retirement for 20 to 29 years, and eight per cent expect to be retired for less than 10 years.
BTFG general manager of superannuation, Melinda Howes, said many Australians did not have a clear idea of how long they would be in retirement because they had not planned for retirement.
The index also found that 41 per cent of pre-retirees (aged 55 to 64) thought about the prospect of retirement either often or daily.
"It's not surprising that those closest to retirement are thinking about it the most, but the big difference is between worrying and thinking about it, plan, to taking action, getting advice and feeling confident about retirement," Howes said.
A further 58 per cent reported sometimes or rarely thinking about retirement and 21 per cent said they never thought about retirement at all.
BTFG also said those who felt excited and energised when planning for their retirement had grown from 14 per cent to 21 per cent.
"It's great to see more Australians engaged with super, but the reality is, we can all be more proactive in affecting the outcome," Howes said.
"It's really a great time for more Australians to seize the day, take stock and make a super plan."
Recommended for you
A member body representing some prominent wealth managers is concerned super funds’ dominance is sidelining small companies in capital markets.
Earlier this month, several Australian superannuation funds fell victim to credential stuffing attacks, which saw a small number of members lose more than $500,000.
Small- to medium-sized funds have become collateral damage in an "imperfect" model for super industry levies, a financial institution has said.
Big business has joined the chorus of opposition against the proposed Division 296 tax.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
93.34 3 y p.a(%)
2
Global X GlobalX FANG+ ETF
37.15 3 y p.a(%)
3
GAM LSA Private Shares AU I
33.96 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
29.68 3 y p.a(%)
5
Plato Global Alpha A
28.73 3 y p.a(%)
