Baby Boomers are not Ready or Prepared for 

“Retirement”

Latest results released recently by Rest Industry Super found only one in seven believe they have enough money to enable them to retire successfully. Alarming new figures resulted in 86 percent entering retirement are not ready.

Information in The Journey Begins white paper, said  51 percent of  Baby Boomers are just prepared once they retire from work and 35 percent are financially under prepared. Rest chief executive officer Damian Hill said the finding shows Boomers entering retirement are not “financially nor psychologically ready, They have a small understanding of the financial cost and what is needed to fund there retirement.

“Half of the Baby Boomers believe they wont need to sacrifice anything, coming in to retirement. But there is a large space in wants versus what is actually there financially.”

Funds estimated to live Comfortably in Retirement

The Association of Superannuation Funds of Australia recent estimates needed for retirement $56,236 a year for a couple to have a   “Modest lifestyle” and $41,090 for a single person. ASFA’s chief executive officer Pauline Vamos also said 70 percent of boomers had not seeked financial advice when planning a retirement plan.

The results from the survey were concerning. 70 percent of  Baby Boomers are thinking of their retirement but are not sure of “where do I start” she said.

Where do I Start ???

• Speak to your Super Fund
• Talk to a financial advisor…….
• Ask yourself how much will I need to live comfortably and to live on in my retirement.

Superannuation for 2012 had positive returns to account holders. Research company Super Ratings said 2012 was a strong year with a impressive first double digit 11.7 per cent return since 2009.

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‘Alarm as  Boomers not ready to retire‘

The Advertiser Tuesday, January 22nd 2013

www.Adelaide.com.au