Retirees Needs and Their (In)Tolerance for Risk
The most important financial needs for Australian retirees are:
- meeting their medical expenses;- having their income last for their lifetime; and- making sure their purchasing power keeps pace with inflation.
Addressing these three goals provides peace of mind to senior Australians, particularly when their essential living expenses are covered by regular income.
This report, written by National Seniors Australia in partnership with Challenger, investigates the financial needs of Australian seniors and their attitudes towards risk regarding their retirement savings.
Seniors state their most important financial needs at retirement are meeting their medical expenses, having their income last their lifetime, and making sure their purchasing power keeps pace with inflation.
The research reveals that, overall, senior Australians have a conservative attitude towards financial risk which becomes even more conservative at retirement. The perceptions of senior Australians regarding risk are also examined in the report.
Data for the report came from the 2012 National Seniors Social Survey of 2,000 Australians aged 50 years.
Download the full report below.