CommBank's Retire Ready Index report offers insights into Australians and their retirement.
- Fifty-three per cent of households expect to have enough for a comfortable retirement from combined superannuation savings, the age pension, and their personal assets.
- Another 18 per cent are projected to have 80 - 99 per cent of what they need.
- After removing the age pension, only 17 per cent of households can afford a comfortable retirement
- When only superannuation is taken into account, this is reduced to just six per cent
- Millennials will need to save harder, due to longer life expectancy
- Those in the 60-64 age bracket are expected to be better off than singles, but have missed out on compulsory contributions for some of their working life
- Younger generations are expected to have less in assets at retirement
- More men than women have enough for a comfortable retirement
The Index is an analysis of the retirement savings and resultant retirement incomes of Australia's working population, examining how many people will have a comfortable retirement. It uses data from over 10 million member superannuation accounts and data from the Australian Bureau of Statistics.