A new study reveals women in the “Baby Boomer” generation have just two years’ worth of savings for their retirement.
The Melbourne Institute has also found that men in their late 50s have just five years of savings set aside for their retirement years.
As a result, report author Roger Wilkins says Australians need to consider delaying their retirement so they can save as much as possible.
“Later retirement both increases savings at retirement and reduces the number of years spent in retirement,” Wilkins told News.com.au.
ABOUT THE AUTHOR
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
COMMENTS
SmartCompany is committed to hosting lively discussions. Help us keep the conversation useful, interesting and welcoming. We aim to publish comments quickly in the interest of promoting robust conversation, but we’re a small team and we deploy filters to protect against legal risk. Occasionally your comment may be held up while it is being reviewed, but we’re working as fast as we can to keep the conversation rolling.
The SmartCompany comment section is members-only content. Please subscribe to leave a comment.
The SmartCompany comment section is members-only content. Please login to leave a comment.