Australians delaying retirement by 15 years

A new superannuation survey shows financial uncertainty and the need to pay-off mortgages are the main reasons many Australians are delaying retirement well beyond age 55.

In a comprehensive survey of CARE Super members, more than 60%of pre-retirees predicted their working life would extend to at least age 65.

Almost 50% of the members listed finalising their mortgage as financial priority number one – well ahead of saving for retirement and travel. Starting a family was further down the priority list.

CARE Super managing director, Julie Lander, said the survey presented a cautionary tale with almost 70% of respondents admitting that, with the benefit of hindsight, they would have started saving for retirement earlier.

“Our members are telling us that whilst ‘mortgage stress’ is the number one priority in the financial planning of most Australians, they are now recognising the importance of voluntary superannuation contributions,” she said.

“It’s sad that nearly 60% of CARE Super members anticipate the need to work way past their ideal retirement age because they feel financially insecure about the future,” Ms Lander continued.

Over half of the survey respondents identified that they would need a post retirement income of $30,000 – $60,000.