More Aussies receive super as retirement income
Retirement | 5/08/2016 |
2 min read
The tide is turning on the way Australian retirees view super, with the Australian Bureau of Statistics (ABS) reporting that, in 2013-14, 25% of people aged over 65 are drawing an income from their super fund rather than cashing in on retirement. It’s still not a majority, but the ABS says it’s up from 20% a decade earlier.
What is more, more than half of the 420,000 Australians who told the ABS they had made lump sum withdrawals, drew less than $25,000, often just to pay off a few debts, or make other investments.
Of course, we would like to think this trend was solely a product of our great education and advice, but the reality is that superannuation balances have also grown over that period giving more Australians greater choice in how to make best use of their super benefit. Over the decade from 2003-04 to 2013-14, the average super balance rose in real terms from $68,000 to $110,000.
If you’re interested in reading more about what the ABS has discovered about how Australians are using their super, click here.
Of course, we offer a ready made retirement income solution called Equip MyPension that is easy to understand and set up.