Australians are living longer, with 29 per cent of 65 year-old men and 42 per cent of 65 year-old women expected to live past the age of 90. While this is great news, this also puts significant pressure on retirement savings. But what do retirees think about this? Are they worried about outliving their savings? And, where do they think the money will come from?
The good news for Australians is they may not spend as much in retirement as they expect. The bad news, however, is retirees are uncertain of what they actually can afford and if they have enough savings or not, leading them to being frugal for fear of running out of money.
Great Expectations is a three-part series which seeks to understanding the attitudes and behaviours amongst Australian retirees.
In the first of our Great Expectations series, we investigate where retirees expect to receive their income from in retirement, how much they expect to spend, and how does this align to current retiree experiences.
In the second part of our series, we explore the income features that are important to retires and how the design of retirement income solutions can be influenced by a better understanding of retirees’ needs.
Supporting members with solutions, knowledge and decision-making: In the final report, we join the dots to identify some of the critical areas of support needed for retirees and highlight key findings and recommendations.
In November 2018, Mercer commissioned an online survey of more than 1,000 Australians that were aged 55 and over. All respondents had a superannuation balance of more than $50,000 to ensure super would be a significant part of their monetary support through retirement.
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