Are you retirement ready? Our inaugural How Australia Retires study has uncovered some common themes that make Australians highly confident about their retirement.
How confident are you about your future retirement?
Do you think you’ll have enough money to achieve the retirement lifestyle you imagine?
And, importantly, what steps are you taking if any, or have you already taken, to help ensure you do?
They’re all key questions, and it’s evident from major retirement research that Vanguard has undertaken that Australians with the highest confidence about their future retirement tend to take the most purposeful action to prepare.
This may include accessing financial advice, having a detailed plan, and making regular extra contributions to their superannuation.
These are some of the key findings of Vanguard’s inaugural How Australia Retires study, which follows a survey of more than 1,800 working and retired Australians aged 18 years and older.
The aim of the study was to better understand the way Australians across different age groups feel towards their retirement, how they prepare for their retirement, and the role that superannuation plays in that preparation.
Among other things, we found that people with the lowest confidence about their retirement tend to be the least actively prepared.
Often they have never accessed financial advice and have little understanding of how they can achieve their retirement goals. They also expect to be more reliant on the government’s Age Pension after they retire than those with higher retirement confidence.