(Bloomberg) — About two thirds of Australian baby boomers leaving the workforce don’t have enough pension savings to retire comfortably, according to research from the industry’s peak body.
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Slightly more than 30% of Australians are able to afford a comfortable lifestyle in retirement, the Association of Superannuation Funds of Australia said. The median pension account balance for men aged 60-64 sat at A$205,385 ($137,690) as of June 2022 and A$153,685 for women the same age, a ways off the industry’s accepted comfortable retirement standard of A$690,000 for couples and A$595,000 for singles.
As the nation’s pension pool nears A$4 trillion, an estimated 2.5 million Australians are expected to retire in the next decade. The pension industry — known locally as superannuation — was made compulsory for all workers in 1992, with contributions equal to 3%…
