How to avoid the Superannuation Savings Gap
It’s been all over the news for a good while: Australia’s ageing population faces a huge savings gap for retirement. A Rice Warner Actuaries study put the total deficit in the neighbourhood of a staggering $1 trillion, and anyone who relies exclusively on compulsory super contributions is likely to contribute to this statistic.
With the benchmark being a relatively ordinary “comfortable retirement”, this discrepancy will translate into quite adverse lifestyle changes for those affected. But there are ways to avoid becoming one of these statistics: