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Retirees suffering in crisis

The global financial crisis has severely impacted the present and future lifestyles of Australian retirees, according to new CoreData research.

CoreData’s Self Funded Retirees report found that one in two self funded retirees have seen their retirement funds shrink by a quarter over the past two years.

As a result one in four have returned or plan to return to the workforce due to losses to their retirement funds.

CoreData partner Craig Phillips said older Australians are facing “scaled down retirements and/or extended working lives now.”

Almost all of those who have lost funds have planned to cut back on their spending as a result of the losses.

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