MAY 4 2021 Canberra Times
Most Australians say they won't have enough savings to last retirement: survey   

More than half of working-age Australians think they won't have enough funds to last their retirement, with women and those living in regional areas more likely to believe their funds will fall short.   :(

A new study from the Australian National University has found 55.7 per cent of Australians are worried they won't have enough money saved to live comfortably once they retire, although the majority of those already retired believe their savings will go the distance.

Almost 3500 Australians were surveyed about their views on retirement incomes in January this year, and the results show a disturbing increase in the number of Australians who think they won't have enough money to last their retirement, compared to when the same question was asked in 2015.

Relatively young Australians haven't been able to accumulate the same levels of wealth previous cohorts have.

Professor Nicholas Biddle
"Our study shows a large increase since the last time we asked this question in 2015, when only 39.6 per cent of Australians thought they would not have enough money to live comfortably," study co-author Professor Nicholas Biddle said.


The number of Australians who are confident they will have enough funds to retire is steady, at 38 per cent, when in 2015 39 per cent said the same, but the change is in those who said they would "definitely" have enough for their retirement - just 6.1 per cent this year, down from 21.3 per cent.

Professor Biddle said the drop in confidence couldn't be pinned on the COVID-19 pandemic alone, but on a number of factors.

"I do think there's a link between, not just house prices, but people's ability to build up wealth at a younger age," he said, pointing out younger working Australians were more likely to be worried than those who were closer to retirement or already retired.

"Relatively young Australians haven't been able to accumulate the same levels of wealth previous cohorts have."

The survey also showed the majority of Australians think the rate of the aged pension should increase, and around half believe the family home should continue to be excluded from the pension asset test.

The results show the government was wise to back away from a plan to delay the legislated increase to superannuation, with a clear majority of Australians saying the rate of superannuation payments should increase to 12 per cent as legislated (55 per cent). Just 20.4 per cent said it should stay at the current rate of 9.5 per cent and only 3.8 per cent said the rate should be less or superannuation abolished altogether.

How much is enough, then?

The government was wise to back away from a plan to delay the legislated increase to superannuation, with a clear majority of Australians saying the rate of superannuation payments should increase to 12 per cent as legislated   :)

Looks like the grubberment plans to make people fund their own retirement has fallen flat on its face.
I wonder.
Could it be that the grubberment artificially keeping house prices too high could be a factor.
Perhaps the greedy taxes we all have to pay may be an issue.
And the grubberment allowing super funds to rob us for all those years.
To say nothing about the greedy health insurance scams.
And the good old GST, must really be doing good.

You can't keep stealing tax payers money and expect them all to ferrite enough away to live on it with continually rising costs for.....everything.

Pensioners suffer because of the greedy grubberment who all know that they will be OK Jack stuff you.

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%.

I reckon it'll be more than enough.

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Don't worry -
they might have Soylent Green factories by then.

https://www.denofgeek.com/wp-content/uploads/2013/01/soylent-green.png

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough.

Is that what you think ? And when the US FIAT currency collapses and pulls the aussie dollar down with it what you going to do Frank ?

https://www.youtube.com/watch?v=NJd6RKsY5H4

What good is soylent green to me at 75 years of age? Am I going to get processed back into food for the youngsters?

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Suicide is stupid

Take out the base turd tgat has driven you to it and re-think your options.

its now well established that governments are going to print cash to use for spending rather then raise taxes.

printing money reduces the value of savings.

so white knight is quite correct.

by constantly trying to suckle on the government tit , the aussie "taker" demolishes his nest egg.
it is eaten up by the dilution of the money supply.


no such thing as a free lunch.

when scomo gives you money it is NOT coming out of his wallet.
he is pulling it out of yours.

Well - if the dick-heads in charge had organised a proper national superannuation scheme (how terribly Socialist!!) without the 'necessary' profit motive, and had stopped forking about with the economy to suit whatever latest faddish ideas fit their personal and Party ideology and their personal self-enrichment policy - the super system would be well up and running by now and producing results as advertised.

We need the Grappler Scheme I've outlined for yez many times... one-stop shop for super, all handled under the same rules etc, used as an investment bank for AUSTRALIAN infrastructure and grand design projects (such as my GAIAs Mk I and II and others involving water and power etc), limit (indexed) on super amount in the till per individual after which it is viewed as savings and taxed on profit, and every individual including disabled having a minimum amount deposited each period (fortnight, week, month etc).

One working 'life' of fifty year and everyone should be able to retire on a fair income for life.

Anyone want-a move-a back to da Ole Country - dey can cash out their regulated amount and any savings - but if dey live dere an-a not here they do not receive continued payments - same as pension rules should be.

You make-a da money here - you put him here - not in multiple block of flat in Ol' Country where da living is cheap an' you retire with no assets (LMAO) and continue to collect your Australian free money while collecting the rent on blocks of flats owned by some distant and unnamed relative etc..

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough.

Still no more than $25,000a year then?

Because that's the combined limit.

Or are you paying more tax?

Gnads wrote on May 4^th, 2021 at 6:50pm:

Still no more than $25,000a year then? Because that's the combined limit.

"Your concessional contribution cap

2021–22 $27,500
     
2019-2020 $25,000"

https://www.ato.gov.au/Rates/key-superannuation-rates-and-thresholds/?anchor=Concessionalcontributionscap#Concessionalcontributionscap

Not Combined.

UnSubRocky wrote on May 4^th, 2021 at 4:17pm:

What good is soylent green to me at 75 years of age? Am I going to get processed back into food for the youngsters?

That's the way it works.

Gnads wrote on May 4^th, 2021 at 6:50pm:

Frank wrote on May 4th, 2021 at 12:38pm: If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough. Still no more than $25,000a year then? Because that's the combined limit. Or are you paying more tax?

Huh?

No, it will be about $100k from super for both of us when both retired, tax free, no gov pension. She's an academic (5 yeras) so is also getting the 17% employer contribution which is obviously not standard.

Some returns on super have been around 20%pa for the last 5 years. Others only 3-4%. It's worth looking at how your money is invested. No reason to go for anything but the highest return. That's  the investment that recovers quickest after any slump.

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough.

Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on?

Karnal wrote on May 4^th, 2021 at 7:30pm:

Frank wrote on May 4th, 2021 at 12:38pm: If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough. Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on?

That's a bit heartless... Don't you know his.... wife, has just recovered from testicular cancer? The two tumours went into remission.

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

That makes no sense.

NorthOfNorth wrote on May 4^th, 2021 at 7:34pm:

Karnal wrote on May 4th, 2021 at 7:30pm: Frank wrote on May 4th, 2021 at 12:38pm: If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough. Yes, but how about your burial plan? Family mausoleum or a modest burial plot we can lay flowers on? That's a bit heartless... Don't you know his.... wife, has just recovered from testicular cancer? The two tumours went into remission.

That's hard, poor thing. Frank will have to put up with her from now on.

No hanky-panky, old boy. It's bad for the testicles. You can indulge in modest pleasures once you've passed, okay?

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough.

Yes, much more than enough.

Some of our retired friends are on their 3 brand new landcruiser, a huge caravan, live in a retirement village, go on hollies often.
They spend about 55K a year.

Another friend lives a simple life. Has an old car. He says it surprising how little you can live for.

UnSubRocky wrote on May 4^th, 2021 at 2:42pm:

The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75.

Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.
And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free. And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

Quote:

..........  there's really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free.       .....................

Interesting thought

Valkie wrote on May 4^th, 2021 at 4:19pm:

UnSubRocky wrote on May 4th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. Suicide is stupid Take out the base turd tgat has driven you to it and re-think your options.

I am not thinking about committing suicide in the next few weeks. I am thinking that suicide would be the only real option when I get old enough to retire, as I will not have the superannuation to keep living. I realise that the Chinese colonial government might have progressed enough to give me a living income to survive in my old age But, we could well be living in an era when taxation is so high that it is difficult to depend on the government for financial assistance.

rhino wrote on May 4^th, 2021 at 9:39pm:

UnSubRocky wrote on May 4th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free. And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from.

In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much.

Frank wrote on May 4^th, 2021 at 12:38pm:

If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough.

Have you factored in the impending market crash and the return of double digit inflation? 

Nom de Plume wrote on May 5^th, 2021 at 4:19pm:

Frank wrote on May 4th, 2021 at 12:38pm: If I retired at 62 I'd have $70k p.a. for the rest of my life just from super (no age pension).  Plus my wife's salary and then income from her super when she retires. No mortgage. Yes, my employer contribution has been at 17% plus mine at 8%. I reckon it'll be more than enough. Have you factored in the impending market crash and the return of double digit inflation?

An impending market crash is what? 10%? 20? Recovering in what - 2 years? 3? Yeah I have factored that it.

Inflation is important if your investment is in cash. Not my choice.

UnSubRocky wrote on May 5^th, 2021 at 4:06pm:

rhino wrote on May 4th, 2021 at 9:39pm: UnSubRocky wrote on May 4th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free. And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from. In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much.

Have an aim in life, the best things in life are free and they dont include pizza, alcohol or netflix.

rhino wrote on May 5^th, 2021 at 8:14pm:

UnSubRocky wrote on May 5th, 2021 at 4:06pm: rhino wrote on May 4th, 2021 at 9:39pm: UnSubRocky wrote on May 4th, 2021 at 2:42pm: The way it is for me, I could probably work until I turn 70 and then have to think suicide an option before I turn 75. Or aim to do something worthwhile in your life and then not care about retirement. The main issue I have, theres really nothing I could buy to make my off work lifestyle any better. Most things I want to do are free. And you need a purpose in life, then you dont even think about retirement, retirement is for people who have had a lifetime of drudgery they want to escape from. In other words, work until I die. I think that has been the option of most retirees lately. My father had an early retirement. Then he decided to take a part-time job in another industry to make sure he did not have to rely on his superannuation too much. Have an aim in life, the best things in life are free and they dont include pizza, alcohol or netflix.

I'll drink to that!  Pass another slice..... and turn on the tellie...

No trip - sank all the cash into a new house.... oh, well....  :-/

The latest data from the Australian Bureau of Statistics shows the median super balance of men aged 55 to 64 is $183,000 and for women it’s $118,600.

However, to retire comfortably an individual requires $545,000 and a couple $640,000, according to widely-respected calculations from the Association of Superannuation Funds of Australia.

Author, consultant and former banker Satyajit Das said comfortable retirements would become a privilege for only the wealthy and upper middle classes, and a majority of people would have to “work till they die”.

https://www.theaustralian.com.au/business/wealth/superannuation-gap-means-you-could-work-until-you-die/news-story/f6a3d5fca7c3d23640cddc40d8f2a6df

Retirement costs are climbing at their fastest rate in more than a decade, driven higher by surging fuel prices and a sharp jump in council rates and other fees.

A comfortable retirement now costs a couple $63,799 a year and a single senior $45,239, a jump of almost 3 per cent since 2020, according to a new report from superannuation industry group.

Rising global oil prices lifted fuel costs 7.1 per cent in the September quarter and 24.6 per cent annually, it found, while council rates rose an average 3.3 per cent after last year’s Covid-related rate freezes.

ASFA deputy CEO Glen McCrea said it was the biggest annual jump in retiree budgets since 2010, and many now faced “significant pressure” as it was difficult to dodge price rises in essential costs.