CHOICE and Research team Fiftyfive5 have recently surveyed Australians on how they plan for their retirement.
Their research will be used to develop a set of retirement income targets that will give people a better idea of how much they’ll need to save to meet their retirement needs.
Their nationally representative research has already revealed three distinct groups of retirement planners:
- engaged delegators (25%)
- engaged DIY (37%)
- disengaged (38%).
Engaged delegators are typically people on higher incomes. They are interested in their finances but want experts to guide them. This group was more likely to seek financial advice but equally were happy to be guided by default options.
The engaged DIY group is spread across different income levels. They’re also interested in their finances and feel confident enough to make decisions themselves, but need quality independent guidance and information so they can make the right decisions.
Those in the disengaged group are typically on lower incomes. They aren’t very interested in their finances, perhaps because they’ve got relatively little to manage. This group tends not to make decisions, instead opting for default options.
So the question is, which group do you see yourself in?
And more importantly, how much money will you need in retirement?
In October this research will also reveal how much money you need to retire and what tools will be helpful ways to each of these groups in managing money retirement – which we will share when available.
For now, why not Read the full article on the CHOICE website here
Or get in touch with your STS Accountant to start the conversation around your retirement today!