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Superannuation will you have enough

Orica Financial Services Feature Article

Superannuation, will you have enough?

Most of us dream of the day we can clock off work for good – but an alarming new survey has found a huge number of Australians can no longer afford to retire.

Superannuation will you have enough

According to new research from comparison site Finder, around three in five – or 62 per cent of Aussies – are concerned about not having enough money in retirement.

And while a third said they would “manage” to retire but would have to cut back on spending in order to do so, while an alarming 28 per cent claimed they didn’t believe they will have enough superannuation to be able to stop work at all.

Just 18 per cent of Australians think they have amassed enough money to retire comfortably.

A big part of having enough super to retire on comes from making additional salary-sacrificed contributions, yet only 18 per cent of us make these extra payments to our super funds.

Those who are making extra contributions are paying $713 a month on average.

The research also found that men are much more assured about their ability to afford to retire, with 26 per cent confident they have enough money to live well in retirement, compared to only 11 per cent of women.

Alison Banney, superannuation expert at Finder, said low superannuation balances were a growing problem in Australia.

“Millions of Aussies are not actually able to save enough to walk away from their jobs,” she said.

“Most people aspire to retire in their mid-60s – but many don’t have enough for a comfortable retirement.”

Women are especially concerned about their retirement prospects.

Ms Banney said the current cost of living crisis made it even harder to plan for retirement, and she urged Aussies to pump up their retirement nest egg as regularly as possible.

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“If you’re able to contribute a little bit extra to your super now, it will make a big difference by the time you retire,” she said.

“Making extra contributions isn’t the only thing you can do, though. The first step is to make sure you’re in a super fund that has low fees and a history of strong long-term performance.

“It’s also important to make sure you’ve only got one super fund in your name, so you’re not losing thousands of dollars to multiple sets of fees. If you have more than one, consolidate them as soon as possible.”

According to the Association of Superannuation Funds of Australia’s (ASFA) estimate of how much money you’ll need in retirement depending on your lifestyle, a single person aiming for a “modest” standard of retirement – meaning enough cash to cover the basics – will need $30,063 a year, or $575 per week to get by.

For couples, that jumps to $43,250 per year, or $828 per week.

Singles hoping for a “comfortable” standard – which will allow retirees to enjoy a range of leisure activities and to have a good standard of living including private health insurance, a reasonable car, household goods and holidays – will need $47,383 a year, or $907 a week.

That equates to $66,725 each year for couples, or $1278 a week – or a lump sum of $640,000 for a couple and $545,000 for a single person, assuming a partial Age Pension.

Both standards apply for people retiring at age 65 who own their own home and will live to an average life expectancy of about 85.

It comes as the latest Super Ratings figures revealed that over 20 years, the typical worker could be $95,391 better off in the average Industry Super Fund than the average retail super fund.

Finance options if you are entering retirement

Reverse Mortgages are one option for pensioners and retirees designed specifically for older borrowers who are typical ‘asset rich’ but ‘cash poor’. 

Known variously as ‘senior’s loans’, ‘reverse home loans’, and ‘senior’s finance’, Reverse Mortgages are the most popular form of home equity release in Australia.

Reverse Mortgages allow people from the age of 60 to convert the equity in their property into cash for any worthwhile purpose. No income is required to qualify. 

Although interest is charged like any loan, the borrower is not required to make repayments (although they can usually make voluntary payments if they wish).

If you want to find out more about Reverse Mortgages or Consolidating debt to allow for greater super contributions please contact the team at Orica Financial Services for more information. 

Superannuation will you have enough

See how much you could save in repayments every month with our Debt Consolidation Calculator. 

Superannuation will you have enough

See how much you could save in repayments every month with our Debt Consolidation Calculator. 

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Superannuation will you have enough

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Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough
Superannuation will you have enough

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We have access to one of Australia’s largest lending panels, which means choice from over 60+ lenders and thousands of different loan options. 

Superannuation will you have enough

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Superannuation will you have enough

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