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New retirees doing it tough
Almost 40% of recently retired Australians are struggling financially and more than a quarter are forced to go back to work to pay their bills, a new survey reveals.
Commissioned by Industry Super Australia and conducted by Susan Bell Research, the survey interviewed 734 industry fund members aged 47 and older between December 2019 and January this year.
It shows that 38% of recent retirees are either living on a very tight budget allowing only for essentials, or that they are not able to make ends meet. And, as the gender gap persists, women are worse off.
An average pre-retiring woman has $190,000 in super – just more than half the balance of men at $340,000. The gender inequality can partly be attributed to women spending on average 12 years less in fulltime employment than men to care for their family.
Investment trends report
Latest research shows that fewer than half of working Australians older than 40 believe they are prepared for retirement, and only a quarter of non-retirees think they are contributing enough to retire comfortably.
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