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Aussies avoiding retirement savings
Age, May 5, 2003
People want to travel and be adventurous once they stop work but few have thought much about planning financially for retirement, according to a survey.
survey, commissioned by the Commonwealth Bank of Australia, found just
less than half of working "pre-retirees" expected to be fully
retired by age 65.
per cent of those surveyed in the 46-64 age group - the pre-retirees -
said they are likely to work as long as they are able, while one in two
believe they will continue working either full time or part time after the
age of 65.
study found that pre-retirees feel up to 10 years younger than they are
and are keen to keep on kicking up their heels, the CBA said.
Newspoll survey showed 81 per cent were looking to travel in the future
and 71 per cent of those surveyed said they were looking to try something
new and different, the bank said.
above 50 per cent rated spending time with family as their top personal
priority, while 34.8 per cent would like to rekindle romance in their
bank executive general manager retail customer service Stephen Morrow said
pre-retirees want to travel and be adventurous when they retire, however
they had not necessarily been planning for it financially.
today are truly aspirational - no longer should we perceive retirees as
people who wear fluffy slippers," Mr Morrow said.
and media personality Denise Drysdale, a pre-retiree, said at the CBA
launch that the future for retirees was not about sitting back but
"wanting to run with the bulls at Pamplona".
survey found a large proportion of pre-retirees had given little or no
thought to planning financially towards their retirements.
per cent said they had not made financial plans or seen a financial
consultant about planning for their retirement. Those aged 45-54 were less
likely than those aged 55-64 to have made financial plans for their
seven per cent of pre-retirees consider financial planning for their
future to be a top priority.