New retirement targets released by Super Consumers Australia suggest the ASFA Retirement Standard needs a rethink, saying a pre-retiree couple only needs to save $402,000 by age 65 to achieve a joint annual income of $64,000 in retirement.
Global factors have upended the retirement plans for millions of Australians, with 15 per cent of Australians aged 55 and over claiming they’re pushing their plans for retirement back.
The highest-risk demographic of blue collar workers has the lowest opt-in rates to insurance in superannuation, according to research by ASFA and Deloitte.
The $450 threshold, a relic of the superannuation system from 1992 when employers argued it would be too difficult for administrators to pay super on small wages, has finally been scrapped in a win for women - but this is just one small step in addressing the significant gap in super savings between men and women.