It’s never too late to start investing and if you don’t believe us, then believe the statistics.
Nearly half of all retirees believe not starting to save for their retirement much earlier is their number one regret, according to a study conducted by Citibank* in 2006. The research uncovered dire statistics on the state of retirement savings for those on the cusp of retirement, or in full retirement:
- 44 per cent of retirees regret not starting to save for their retirement earlier.
- 48 per cent of retirees wished they started 20 years earlier.
- Only one in four of the current batch of over 65s showed any savings initiative before they turned 40.
- Younger retirees, those aged from 55 and up to 64 were more proactive, with 36 per cent starting saving for retirement before the age of 40.
- 19 per cent of semi or fully retired Australians have no retirement savings, while this figure increases to 21 per cent for retirees aged over 65.
Citibank research has also found that nearly half (48 per cent) of all those surveyed are planning to rely on the government pension as their primary source of income. An even more inspiring (for action!) statistic is that the average retiree lives on around $22,000 pre-tax income a year, while only 7 per cent of retirees live on more than $70,000 pre-tax income a year.
What are you waiting for? Keep on reading this website to find out how to improve your retirement lifestyle.
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