Retirees face up to dashed expectations

According to Citibank's retirement index, more than one third of retirees cannot name a secondary source of income for their retirement, despite holding higher living expectations. Yet 44 per cent of retirees believe they would need the same, if not more, income to live comfortably in retirement. According to Citibank, the average retirement income per person has risen to about $480 a week, or $23,016 a year, up from $22,380 six months ago. Citibank found that only 30 per cent of survey respondents said they would fund their retirement with their superannuation, while 19 per cent said they had income from other assets.

Advertisement