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Two million Australians will work into ‘grudge years’

It’s the unsexy topic we love to avoid. Superannuation gets filed in that box of life admin tasks right next to insurance and phone plans.

Yet the data speaks for itself: it’s time to get real about our super.

According to Suncorp’s Rise of the Grudge Workforce report, there are a growing number of Australians who are forced to work into their 70s because they lack the money they need to retire when they want to.

Some of the key findings include:

  • 48 per cent would like to retire between 60-69 – but 42 per cent believe they will be working into their 70s.
  • 33 per cent believe they will have to work 10 years past the age they would like to.
  • More than 7 million Australians believe they won’t be physically/mentally capable of working into their 70s, yet;
  • 2.6 million will have no choice but to continue working.

The Australian Taxation Office’s (ATO) Acting Deputy Commissioner, Superannuation, Megan Yong said now is the time to ensure your super plan is up to date.

“With almost 12 million individuals holding a super account and approximately 80 per cent having their compulsory super paid into a default fund, it’s vital people of all ages understand what super accounts they hold and consider consolidating unused accounts to maximise their retirement nest eggs,” Yong said.

Top tips

  1. Be aware of your super balance, and plan early.
  2. Don’t ignore your super, it’s usually your second biggest asset.
  3. Simple steps to take stock:
    – Easy online resources such as retirement caluculators;
    – A little extra into super can go a long way;
    – Keep track of your super accounts, and consolidate where possible.

For more information about super, check out:

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Stephanie Zillman

Stephanie Zillman

Stephanie is the editor-at-large of Dynamic Business. Stephanie brings with her a passion for journalism, business, and new ideas. On her days off, you might find her reading a book on the beach.

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