Australians Estimate They Need Nearly $650,000 to Fund Their Retirements
Published on December 21, 2023
A recent survey has found that Australians may need twice as much of what they have in their superannuation accounts to fund their retirement. The financial comparison website Finder surveyed 1,063 adults to find out the current situation among working Australians. One finding was the average amount of savings the respondents said they needed for their retirement was $641,223 (US$433,700). The figure was much higher than the super balance of an average working Australian about to retire. Recent data from the Australian Taxation Office showed the average balance of a male worker aged 60-64 was around $402,838, while the figure for females was $318,203. This means most Australians will likely run out of money halfway through retirement....