Kaye jumps into the fray on the retirement income debate
From The New Daily report Australians doubt their retirement savings will last a lifetime
Less than a quarter of Australians believe their retirement savings will be enough to provide them with an income for life, despite a recent Grattan Institute report suggesting most Australians will have “more than enough” to last.
A survey of more than 200,000 older Australians conducted by retiree advocacy platform YourLifeChoices found only 23.4 per cent are confident their savings will support them for the duration of their lives.
These findings undermine a Grattan Institute report released on November 6, according to YourLifeChoices publisher Kaye Fallick, who added parts of the report are “factually incorrect”.
“They say [Australians] are retiring with more than enough, they’re not. Many Australians are retiring on very little,” she said.
Specifically, the report failed to factor in longevity and the cost of aged care and medical needs, Ms Fallick said. These two factors contribute to Australians’ fears about running out of money in retirement.
Additionally, Ms Fallick said the report’s focus on average balances masked underlying challenges that face lower-income Australians, which using median balances would have highlighted.
Ms Fallick’s comments are the latest in a series of criticisms levelled at the Grattan Institute’s report, with a series of senior superannuation figures questioning its recommendations.