Just one in five Australians (21 per cent) think we will be able to have a comfortable lifestyle when we retire, according to the latest HSBC Future of Retirement report.
That’s the second lowest in the world, compared to the US with 41 per cent and India with 69 per cent.
The report, which surveyed over 18,000 people across 16 countries, also showed that we are increasingly concerned about the cost of healthcare when we retire, ranking the third most worried (30 per cent) behind Hong Kong (46 per cent) and Singapore (50 per cent).
But while we’re worried about the future, not all of us are planning to do something about it.
Baby boomers behind on retirement planning
Only 38 per cent of our “baby boomer” generation (born 1945-1965) had looked for information on funding their retirement – much lower than the global average of 50 per cent.
Meanwhile, 50 per cent of Millennials (1980-1997) and 39 per cent of Generation X (1966-1979) had sought advice.
Consider this: the average age that Aussies plan to retire is 64. But we also expect to live until 85. That’s 20 years without an income – and there’s a good chance you will live even longer.
There are ways that you can boost your savings and with online retirement calculators and planning apps now available, we have no excuses.
Seek advice – and get it early. Don’t wait ‘til your golden years.
