Surveys
Most Australians Are Not Ready For Retirement, Says CoreData

A new study by
CoreData on the perceptions of pre-retirees in Australia
shows that majority of citizens feel they are unprepared for when
the usual age of retirement comes.
According to the Retirement Report, which surveyed 1,690
Australians aged above 55, most respondents said they are likely
to still work beyond the regular retirement age, with 39 per cent
even saying they are unlikely to meet their retirement income
needs. In fact, 69 per cent said they feel overwhelmed by their
super and retirement finances, while 86 per cent planned to work
part-time. One in three stated they did not believe they could
choose when they would retire.
"Our research shows that Australians in the pre-retirement phase
are clearly overwhelmed by their approaching retirement,"
Kristen Turnbull, the head of advice, wealth, and
superannuation at CoreData, said in a statement.
"It shows that super funds and financial advisors need to do a
better job of engaging retirees about the products and services
available to them. This is the time they most require assistance,
information, and reassurance," she added.
The top three financial products the respondents said they would
like to have in retirement turned out to market and capital
protection, annuities, and health insurance. Financial advice was
identified as the most valuable service, followed by financial
counselling and online information tools. The most common source
of financial information for both pre and post retirees are print
and online media.
The survey was conducted in February 2011.