How much money will you need to retire comfortably?
According to an MLC wealth survey last year, only 5% of Australians surveyed believe they will have “more than enough”
In fact more than half of the Australians don’t think they will have enough to live on in retirement.
The report shows that this concern impacts on their spending and saving habits and this fear of not having enough in the future is leading to a focus on debt repayment.
While this is not surprising, it is unfortunate
Of course it’s what many of our parents taught us.
You know the drill — get a good education, get a good job, buy a house pay it off. In my opinion instead of saving those Australians should be educating themselves and become financially fluent and invest wisely.
That could lead them to financial freedom in retirement.
I wouldn’t be counting on the government – they’ve already said they don’t have enough money to pay pensions to all the retiring Baby Boomers who will now have to work longer.