$1 Trillion Shortfall in Australian Retirement Savings – Action Required

Shortfall in Australian Retirement Savings

$1 Trillion Shortfall in Australian Retirement Savings

New research has prompted the Financial Services Council (FSC) to call for longer working lives, to plug a massive retirement savings hole caused by people outliving life expectancies. Australians who live longer than current life expectancy will face an approximate $1 trillion shortfall in retirement savings, suggested research released yesterday by the FSC, prepared by Rice Warner Actuaries. It is the first time that the retirement shortfall caused by increasing life expectancies has been quantified, said FSC Chief Executive John Brogden. Ben Collins, Financial Standard READ MORE

The FSC’s Longevity Savings Gap Report models the shortfall in retirement savings for those working Australians who live into their 80s, 90s and beyond.

And Mike Taylor in reports that Australia is currently facing a $1 trillion retirement savings shortfall and it is something that needs to be urgently addressed by the Federal Government, according to the Financial Services Council (FSC). Releasing new research on the retirement savings gap this week ahead of a roundtable called by the Minister for Financial Services, Bill Shorten, FSC Chief Executive, John Brogden said that while lifting the Superannuation Guarantee to 12 per cent was helpful, it would not solve the gap for the current workforce. Money Management  READ MORE


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