About two thirds of Australian baby boomers leaving the workforce don’t have enough pension savings to retire comfortably, according to research from the industry’s peak body.
Slightly more than 30% of Australians are able to afford a comfortable lifestyle in retirement, the Association of Superannuation Funds of Australia said. The median pension account balance for men aged 60-64 sat at A$205,385 ($137,690) as of June 2022 and A$153,685 for women the same age, a ways off the industry’s accepted comfortable retirement standard of A$690,000 for couples and A$595,000 for singles.
