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Super should provide retirement income

Super should provide retirement income

Reporter
— 1 minute read

A survey of Australian pre-retirees has found an overwhelming majority expect superannuation to provide them with a retirement income.

Eighty-three per cent of Australians aged between 50 and 64 told the National Seniors Productive Ageing Centre they expect super to provide income in retirement.

The survey, commissioned by annuities provider Challenger, found that almost three-quarters of Australians expect their superannuation to fund their twilight years.

Thirty-two per cent of those surveyed expect their retirement income to come from government pensions and allowances.

Challenger chairman for retirement income Jeremy Cooper said the survey showed it is “critical for retirees to have a steady, dependable income from super to sustain their lifestyle in retirement”.

“Older Australians understand that while super is the main game for retirement, the age pension can make up a meaningful proportion of retirement income,” Mr Cooper said.

“This can be comfort to many Australians but it’s there as a back-up, not a catch-all.”

 

Super should provide retirement income
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