A recent survey undertaken by Franklin Templeton Investments indicated that 7 out of 10 Australians feel that they are behind on saving for their retirement.
The survey also indicated the following;
- 70% say thinking about their retirement savings and investments brings them some level of stress or anxiety.
- Nearly 1 in 2 baby boomers (aged 53-73) have saved $100,000 or less for retirement.
- 81% of retirees are concerned about rising expenses particularly medical expenses.
- 58% of retirees say they should have saved more for retirement.
- The top 3 expense concerns are;
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- medical and pharmaceutical expenses
- lifestyle expenses
- paying off debt
- The main concerns of pre-retirees are;
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- running out of money
- lifestyle concerns
- health issues
- The main concerns for retirees are;
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- health issues
- running out of money
- lifestyle concerns
At Quinns we help pre-retirees and retirees develop a written retirement income plan. This helps clients to maximise the income that they are likely to derive through their retirement years. It also helps retirees enjoy their retirement years and not become stressed or anxious about their finances.
Should you require any assistance planning for your retirement please feel free to contact Peter Quinn on 02 9580 9166 for a complimentary meeting.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.
