NEWS – 40% of Australians retire 5 years before financially ready

NEWS – 40% of Australians retire 5 years before financially ready

40% of Australians retire 5 years before financially ready

It seems there are factors OUTSIDE people’s control that could mean you become one of the 40% of Australians who retire before you are financially ready – 5 years too early!

Nicholas O’Donoghue writes in Money Management –
“Uncontrollable factors are derailing the best laid retirement plans of many Australians, with the average retiree outliving their superannuation savings by five years, new research reveals. Data from Mercer’s ‘Expectations versus reality of retirement’ survey showed that 40% of Aussies were forced into earlier retirement before they were financially ready, due to redundancy or for health reasons. While half the population underestimated their life expectancy by more than two years, with one in four white collar workers living four years longer than average. Although the survey found that a large proportion of pre-retirees & retirees were concerned about the longevity of their savings, Mercer’s managing director and Pacific market leader, David Anderson, said few had a formal plan to address this issue, with just one in three engaging a financial planner.

“Despite most of us believing we’ll work and save for our retirement well into our 60s, the reality is that uncontrollable triggers can derail the best laid plans for retirement,” he said. Read MORE

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