Baby boomers boost savings

Most baby boomers, those people now aged between 45 and 64 years old are actively reviewing their retirement objectives to include options like continued employment, increased savings strategies and portfolio diversification according to a new survey by Galaxy for the Commonwealth Bank.

Making additional savings – both inside and outside of super – and building up shares and other assets remain top strategies for baby boomers.

The survey found that despite the decline in the number of people (50 per cent) who expect to be able to afford the lifestyle they want in retirement, only 25 per cent will consider postponing their retirement.

The Commonwealth bank will be holding a series of free financial planning seminars nationally throughout May.

Source: Commonwealth Bank