Outlook for Australian seniors’ retirement plans? Mostly sunny, with possible late rain

The National Seniors Social Survey conducted between 2012 and 2014 surveyed its members on their views about the financial aspects of their retirement. This report highlighted some of those previous findings, and included the results of the survey conducted in 2014.

The report found that the vast majority of seniors perceived that superannuation’s purpose was to provide a regular income for retirement.

Other highlights of the report include:

Less than half the seniors surveyed are currently using a financial adviser to assist in managing finances. The global financial crisis has affected the attitude towards the share market for over 40% of seniors. Seniors underestimate their potential life expectancies by up to seven years.

On a positive note, seniors are increasingly knowledgeable about the level of income that can be generated by their retirement savings.

However, around 40% of seniors had no specific plan for later life expenses, such as medical treatment.