Aussies are not feeling confident about retirement amid high costs
Prospective retirees may be looking to hang up their hats as October showed online searches for retirement planning rose by 50%, according to Aware Super.
The findings also show that 1 in 2 Aussies over 55 are worried about not having enough money to retire.
This is possibly not that surprising given the rather high cost of living in 2023. In fact, data from Aware Super indicates that current retirees are also struggling: 9 in 10 Aussies over 70 are burdened by the cost-of-living crisis and feel on edge when it comes to their finances.
As such, many have looked to cut down on costs by doing things like switching utility providers, with nearly 1 in 3 doing so biannually.
The cost of living issue is widespread, of course, and undoubtedly impacting those contemplating retirement as much as those already in that phase.
Cutting costs and growing your super balance
When it comes to super, it’s possible that there’s money to be saved by shopping around. Super funds operate and invest differently, which means both their returns and fees are different.
So it’s a good idea to review your super, especially during high cost times, as a higher super balance and lower fees could mean more financial freedom later on.
Here are three quick things to check:
- Your fund’s performance or returns
- It’s investment strategy and asset allocation
- The fees your fund charges you
Managing your super better
In the bigger picture of choosing a super fund, there are a lot of things to consider such as your lifestyle goals and financial situation.
As everyone’s circumstances are different, it might be worth speaking to a financial adviser to help you set up a financial plan for retirement.
It’s never too early to start thinking about your future, so why not visit our superannuation guides hub to learn more about how super can help you in retirement.