AUSTRALIA: Many delaying retirement by 15 years, says survey

SPRINGHILL, Queensland (BusNews.com), March 31, 2008: Financial uncertainty and the need to pay off mortgages are the main reasons many Australians are delaying retirement well beyond age 55, according to a survey of CARE Super members. More than 60 percent of pre-retirees surveyed predicted their working life would extend to at least age 65. Almost 50 percent of the members listed finalising their mortgage as financial priority number one - well ahead of saving for retirement and travel. Starting a family was further down the priority list. CARE Super Managing Director, Julie Lander, says the survey presents a cautionary tale with almost 70 percent of respondents admitting that, with the benefit of hindsight, they would have started saving for retirement earlier. "Our members are telling us that whilst ‘mortgage stress’ in the number one priority in the financial planning of most Australians, they are now recognising the importance of voluntary superannuation contributions," she says. Over half of the survey respondents identified that they would need a post retirement income of $30,000 - $60,000. Source: BusNews.com