Retirement savings gap blows out to $897bn

The retirement savings gap has blown out to $897bn at 30 June 2009 (up from $695bn in 2008), representing $73,000 per Australian, according to Financial Services Council research undertaken by Rice Warner Actuaries.

CEO of the Financial Services Council, John Brogden, said the retirement savings gap is the difference between what is actually being saved through superannuation and what is needed to sustain a comfortable lifestyle after ceasing work. The Financial Services Council considers that an adequate annual retirement income represents 62.5% of a person’s last salary. Mr Brogden said the findings highlight the urgency of increasing the superannuation guarantee from 9% to 12%.

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