How much money do you need to retire? Millions of Aussies are worried they won’t have enough.
Millions of Aussies are worried they won’t have enough money when they retire, new research has found. (Source: Getty)
Millions of Aussies are worried about their retirement, and it all comes down to money.
More than three in five (62 per cent) Aussies are concerned about having enough money when they retire, according to a Finder survey of 1,057 people.
More than a quarter (28 per cent) didn’t think they’ll have enough money to get by, while 34 percent said they would “manage” but would need to cut back on their spending.
Women were more doubtful about their retirement prospects, with just 11 percent saying they were confident they would have enough money to live well in retirement, compared to 26 percent of men.
The Association of Superannuation Funds of Australia (ASFA) estimates that a couple retiring at 65 needs $68,014 per year to retire comfortably, while singles need $48,266.
For a modest retirement, couples need $44,034 per year and singles need $30,582. These figures are based on the retiree owning their home.
Extract Thanks- Tamika Seeto
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