Financial discomfort in retirement
5 min read
Conducted by YourLifeChoices retirement website, the survey attracted 3,397 responses to 42 questions about retirement savings, income and attitudes.
Overwhelmingly, the 'Ensuring financial security in retirement' survey found that many retirees were worried about running out of money, with very few saying they were confident of maintaining their lifestyle for as long as they lived. Even those with higher incomes in retirement had their worries, with many concerned about how a fall in the share market would affect them.
- Only 11% of retirees are very confident about maintaining their standard of living for as long as they live.
- 59% of respondents said that the Age Pension was very important to their standard of living in retirement.
- Many retirees are worried about outliving their savings.
- Retirees who are prepared to spend some of their savings have more confidence in sustaining their desired lifestyle through retirement.
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Homepage: Am I retirement ready?
The first step in retirement planning is to look at your current plan for your income in retirement and see if you're as prepared as you think you are.
Retirement income worry
Two-thirds of retirees who have been retired five years expect to spend their savings over the next 20 years.
What's the best age to retire?
There is no magic age at which to retire. But what’s important is to plan for a longer retirement than you may expect.