More retirement changes met with scepticism
According to an AXA Retirement Scope international study, almost three-quarters of working Australians expect major retirement reforms – including a rise in the retirement age and a reduction in public benefits.
Australians are the most convinced about these changes compared with people in major European countries, and the United Kingdom, Hong Kong, China and Japan.
The survey has found that 53% of working Australians are opposed to raising the minimum retirement age (in effect the age at which superannuation benefits can be accessed), reflecting the survey’s finding that on average, people expect to access their super at the age of 58.
This scepticism on future retirement policy follows earlier findings in an ANOP survey for the Association of Superannuation Funds of Australia that 65% did not believe the tax reforms proposed under simplified superannuation would be permanent.
The AXA survey has also found evidence that most Australians still don’t have an idea of what sort of income they will receive in retirement, although the percentage is declining.
