Australian pensioners face poverty, says AMP

[Alex P Keaton]

Australian pensioners face poverty, says AMP

Australians have saved enough money to last just three or four years into retirement, risking poverty in their old age, new research has shown.
....

Those that retire on average earnings would need $40,475 each, per year, for a comfortable retirement, according to AMP.

scary

 

[Ausprop]

AMP has called on the government to raise the super guarantee (SG) from 9 percent to 12 percent, after revealing that the average Australian is working less hours and living longer, but saving less money for retirement.

Craig Meller, of AMP financial services, said it was a critical issue that needs to be managed.

critical for him because his job depends on the gravy that keeps flowing into fund managers coffers. the more they get the more he makes. this is govt mandated theft.

and let me guess, Craig says SMSFs are poorly managed and open to abuse and should be ruled out?

 

[Ausprop]

and whilst I am on this rant, if funds had at least tracked the ASX then he needn't be so concerned for our welfare. As it stands their dismal performance in tandem with their over stuffed fees is part of the problem, not part of the solution

 

[Aaron Sice]

amen brother!

if they had all just reverted to cash at 6800 and bought STW at 3200 they'd have continued to make profit....

another sobering reminder

 

[Thrawn]

By boosting the SG to 12 percent of annual earnings, the average superannuation balance could increase by a quarter.

You would hope that the super balance would increase by a third... (12 divide by 9)

 

[craigb]

another compelling reason to be holding IP's when their homes are sold so they can feed themselves , if they have a home , they will be renters for their remaining days,
Cheap over 60,s retirement villages would be the go!

 

[Piston Broke]

It's hilarious coming from such a destroyer of wealth like AMP has been over the years.
Unless your an AMP director or management of course.