New research shows just 19 per cent of Australians with superannuation expect to be able to live comfortably off their super in retirement.
The research conducted by UMR Research also found that 43 per cent of people expect to retire with a total amount under $200,000 in their superannuation account.
YourLifeChoices’ own research paints and even bleaker picture, with 22.96 per cent of retired members reporting that their standard of living in retirement was worse than they thought it would be.
YourLifeChoices is currently running its annual Retirement Matters Survey and we would love to hear your thoughts on how comfortably you are able to manage your retirement.
The research, which was conducted to gauge opinion on freezing the superannuation guarantee at 9.5 per cent, found that Australians overwhelmingly rejected the proposition.
The increased reliance on the pension as a result of freezing super contributions was a big concern, with two-thirds of people surveyed (66 per cent) worried that everyone would end up footing the bill because the Government will have to support more people on the pension.
Nearly 70 per cent of Australians backed the system as a safety net, like Medicare, that provides an essential service to those who need it.
Industry Super Australia chief executive Bernie Dean said the research showed Australians were keen to see the superannuation guarantee increased.
“Australians are rightly concerned about their retirement and whether they will be able to make ends meet,” Mr Dean said.
“Freezing the super guarantee will force Australians to work longer and increase the burden on the pension.
“Our superannuation system was established to provide a safety net for working people in retirement and it must be protected.
“Any attempt to wind back the scheduled increase or undermine compulsory contributions would fly in the face of community sentiment.”
What do you think? Have you already retired? Are you living comfortably off the money in your super? Have you completed the Retirement Matters Survey yet?
If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.