Too many Australians relying on pension to fund retirement
Don't count on the Age Pension as a retirement plan, says Wealth Within chief analyst Dale Gillham, who says too many people will look to the pension to fund their retirement even though it is only meant to be a safety net.
Mr Gillham says the government pension was the main source of income for around 50 per cent of retirees.
“So, what exactly are Australian’s planning for if they continually end up in this situation?” he told Money Management.
“On a good note, 34 per cent indicated they wanted to pay down debt or become debt free while 32 per cent indicated their goal was to get their finances in order.
“While the survey included investors from all ages, one figure that was quite interesting, but not surprising, was that only 12 per cent said their goal was to plan for retirement, which explains why so many Australians are in debt and on a government pension."
“Retiring debt free and on a comfortable income is very achievable for anyone with a little dedication and planning.”
What do you think of Mr Gillham's comments?