Australians Lift Retirement Savings Target Above A$1 Million as Inflation Adds A$183,000 in 12 Months
Updated
Updated · Bloomberg · May 31
Australians Lift Retirement Savings Target Above A$1 Million as Inflation Adds A$183,000 in 12 Months
1 articles · Updated · Bloomberg · May 31
A$1 million-plus is now what Australians say they need to retire comfortably, up A$183,000 from a year earlier in Colonial First State’s annual survey.
Inflation and higher living costs drove the jump, with respondents citing persistent fears of running out of money after leaving the workforce.
Age 62 remains the retirement goal, but Australians now expect they will keep working until 66.
The findings point to a widening gap between retirement aspirations and financial reality as cost pressures reshape long-term savings plans.
Why do Australians think they need $1M to retire when experts say it's not true?
Is Australia's retirement system fundamentally broken for anyone who will never own a home?
Will new policies finally close the 25% retirement savings gap for Australian women?