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Date Published : Tuesday, February 19, 2008
When it comes to saving for retirement, many experts suggest that you can never start saving early enough.
However, a new report from CPA Australia has suggested that many Australians are not getting the balance right between saving for retirement and living for the moment.
A large number of Australians are not getting the best available benefits from their superannuation savings accounts and, as a result, many are finding that by the time they reach their 50s, they do not have enough money in the accounts to survive retirement comfortably.
CPA Australia says the world of super has improved in the past 12 months due to many banks and financial institution offering a greater range of savings accounts and products. It is more accessible, more flexible in its benefit options and more attractive as a wealth-builder.
Yet there is no room for complacency - an adequate retirement income still takes 40 years of nine per cent compulsory super contributions and hopefully a bit more in voluntary savings.
The report warns that late starters in to the superannuation sector will find it hard to catch up.
Michael Davison, CPA Australia's superannuation policy adviser, told the Australian: "More needs to be done for Australians who don't fit the mould.
"Women, people with broken work patterns, those forced into early retirement and non-home owners will find it difficult in retirement.
"There are opportunities for the government and the superannuation industry to work together to address these needs."
Compare savings accounts.
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