A significant number of Australians who are headed into retirement may not have enough superannuation to live on and may need to invest more in higher risk assets such as shares to ensure their investment goals are met so they can live comfortably in retirement.
An analysis of Australian Prudential Regulation Authority data reveals that about 60 per cent of MySuper accounts held by pre-retirees aged 60 to 64 at June 30, 2023 had low savings balances below $100,000, which is not nearly enough to fund a comfortable 20 or 30 years in retirement, even with the age pension.
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