Retirement: are you relying on an inheritance?

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Some Australians are banking on inheritance to secure retirement 

Almost one third of all Australians may be relying on an inheritance to pay off the mortgage and ensure their financial security in retirement, according to recent research from IPSOS and MLC, the Australia today report.

Lifestyle trumps mortgage as a goal for the future

The issue seems to be our ability to pay off the mortgage and maintain our lifestyle, with 78 per cent of Australians agreeing the mortgage has a big impact on their lifestyle, regardless of their wealth.

Australians’ main goals for the future showed that ‘maintaining standard of living’ came out on top, with 67per cent of Australians citing this as a key goal for the future. Our mortgage still remains a key concern, with almost half of us (48per cent) indicating that paying off the mortgage is a key goal for the future. 

Interestingly, we’re not confident about how we’ll maintain our lifestyle or pay off our mortgages, with 60 per cent of Australians saying that their salary hasn’t kept up with their standard of living. 

For many of us, we’re not sure how we’ll manage, and many are leaving the mortgage up to a hopeful inheritance. 

Higher lifestyle costs make budgeting difficult

The vast majority of Australians, 83 per cent, believe today’s cost of living is much higher than it was 10 years ago and 69 per cent believe that the high cost of living means that average Australians are struggling to make ends meet. 

Many Australians are taking measures to improve their weekly budgets, with 59 per cent shopping at discount supermarkets, such as Aldi and Costco in order to save money. 

Read more here.

Important information

Sources:

IPSOS & MLC, Australia today report, Feb 2016

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