A whopping quarter of Australia’s baby boomers will expect to work into their eighties because they can’t afford to retire. Millions of Australians will need to work beyond their 70th birthday out of financial necessity- with 1.3 million working beyond 75 because they have not saved enough for retirement.
AMR Research have advised that an alarming rate of Australians will need to be working 11 years beyond the pension age, with a 52 percent hike in the number of workers going beyond the official retirement age of over the next decade. Most baby boomers are short on superannuation because compulsory employer funded super was only introduced 20 years ago. This leaves a third of baby boomers with less than $100, 000 in superannuation.
If you would like to talk to an expert about your financial situation and how you can better it for the future, contact FuturePlan Property today.