In his weekly business banking post, our CFO Greg Taylor shares the results of a global survey which shows Australians aren't good at planning for retirement. Help is at hand though.
Do you know how much money you would need to live on once you retire? Are you putting enough in to superannuation or is all your money, time and effort going into running your business?
A global survey conducted earlier this year by HSBC shows Australians anticipate their savings will run out a little over half way through their retirement with nearly 60 per cent acknowledging they are either inadequately preparing for retirement or not preparing at all. More than half (56%) of Australians have never saved specifically for retirement outside of super.
The survey also shows Australians have a preference for short-term saving, and underestimate the cost of living in later life. More than half (53%) prioritise saving for a holiday over retirement. On average they think they’ll need just 66 per cent of their working life income to be comfortable in retirement - the lowest of all countries surveyed.
The survey had responses from 15,000 people in 15 markets worldwide including 1,000 Australians.
There is some help at hand for the many business people that are underprepared for retirement with free financial planning information evenings being held in Newcastle and Bathurst on November 6 and in Lake Macquarie and on the Central Coast on November 12.
The Greater has arranged the session to be run by expert financial planners from its partner Bridges Financial Planning.
My business banking team colleagues report that many small business people in particular are often so busy working on their business they neglect their superannuation and planning for their retirement.
You don’t have to be a Greater customer to attend the session. You’ll also have the opportunity to book a complimentary appointment with a Bridges financial planner, normally valued at $330.
This post is based on Greg’s weekly column in the Newcastle and Lake Macquarie Post.
Please share your tips for or experience with retirement planning below.