While Australia’s A$4.5 trillion (US$3.2 trillion or $4.0 trillion) pension industry ranks among the top global retirement systems, surveys repeatedly show Australians are deeply anxious about their finances once they stop working. The industry has been under pressure from the regulator to provide more options for people when they begin drawing down on their pension savings.
(April 13): Almost half of Australians approaching retirement fear running out of money and lack confidence managing their finances once they stop working, according to new research from the corporate regulator.
With about 2.5 million Australians set to retire in the next decade, 48% of people surveyed aged 50 to 66 said they were worried about outliving their savings, the Australian Securities and Investments Commission (ASIC) research found. Only a third said they were confident of being financially comfortable in retirement.
