Two-thirds of retirees who have been retired five years expect to spend their savings over the next 20 years.
The latest research from National Seniors Australia, surveyed levels and causes of worry among Australian retirees. The survey found that most older Australians (53%) are worried about outliving their savings, with women (59%) more worried than men (47%).
People without any super reported the highest levels of worry, with 23% worrying frequently. Many of these people are likely to be on the full age pension, with one in three frequently worried about outliving their savings.
National Seniors CEO, Professor John McCallum, said these findings illustrate the extent of the worry felt by older Australians when it comes to their financial security.
“Australia has one of the best pension systems in the world, yet Australian retirees are still showing high levels of worry that they will outlive their savings,” Professor McCallum said.
“This shows a need for better advice and education to help older Australians manage their savings so they can have the confidence to spend their money and enjoy retirement.”