Most Australians can't afford to retire comfortably, according to a new report. It comes as the Australian Taxation Office urges people to check if they have a claim in $17.8 billion of lost superannuation.
Only around a third of Australians have superannuation balances that would support a comfortable retirement, according to Australia's peak superannuation body. Yet for those nearing retirement, thoughts around this number differ. Around 2.5 million Australians are expected to retire in the next decade, but some are unsure how much superannuation they'll need for a comfortable retirement amid rising cost of living pressures.
defines a comfortable retirement as the ability to afford everyday expenses, an occasional restaurant meal, and an overseas holiday once every seven years. In June 2022, the median superannuation balance for people aged 60 to 64 was just over $205,000 for males and a little under $154,000 for females — a 25.2 per cent difference. Men hold 56.6 per cent of total superannuation assets.
"shows that there is a persistent gender super gap for people retiring, and while this is a magnification of what happens in working life, there are certain policies that we need to see enacted to address this", she said. "Firstly, superannuation on paid parental leave, which is currently being debated in the parliament, is a really critical component to this. Secondly, we need to seek fairer tax settings for those on low incomes.
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