Deferring retirement? You're just like many other Australians
Retirement | 8/02/2017 |
3 min read
Australians are deferring retirement by a few more years, according to a recent report by Roy Morgan Research, with our average intended retirement age up to 61 from 58 in the company's 2014 survey.
Roy Morgan puts the reason down to negative publicity in the lead-up to changes in pension eligibility and superannuation rules.
The report says that Increasing retirement age is generally a positive for the Australian Government, as it means a reduction in the period the government has to fund through pensions.
The research found that superannuation is playing an increasing role in retirement funding, accounting for 62.9% of the gross wealth of those intending to retire in the next 12 months. This was up from 57.6% in 2014.
Roy Morgan's Industry Communications Director, Norman Morris, says: "The average level of savings for those intending to retire in the next 12 months is well below the new age pension assets eligibility levels announced recently by the Australian Government and so pressure on government funding will continue for some time yet."