AXA international study into retiree income levels

The average Australian earns $1,917 a month during retirement – enough to pay the average household expenses of $1,437 a month, with almost $500 left over.

But the average American retiree earns $4,466 a month, or $1,685 more than they need, making them the richest retirees in the developed world.

According to the 2008 AXA Retirement Scope study, only 29% of Australian retirees say their standard of living has fallen during retirement.

Of the 15,000 people surveyed by telephone in 26 countries, most would choose to retire in Australia. Australia, Switzerland and the US were named the best foreign countries to move to in 20 years.

The study found 68% of Australians were planning for their retirement, better than the world average of 54%.

Other survey findings include:

· working Australians want to retire by 57;
· 58% of working Australians expect to do paid work during retirement;
· 58% of working Australians want to travel in their retirement;
· Australia has the highest proportion of retirees who do voluntary work – 27%;
· 94% of working people and 93% of retirees said they were “quite
· happy” or “very happy”;
. while the average Australian earned $1,917 a month in retirement, the average Australian man earned $2,2
and the average Australian woman earned $1,616.