News
2 November, 2024
Seniors worry about income
With inflation pushing living costs higher, covering daily expenses and planning for the future continues to be a major concern for older Australians, according to new research by National Seniors Australia and leading retirement income provider, Challenger.
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The National Seniors Social Survey of 4,700 Australians aged 50 and over revealed that home ownership doesn’t guarantee financial security, with nearly 90 per cent saying that relying solely on the Age Pension, without additional income, is insufficient for a basic lifestyle in retirement.
Half of surveyed homeowners said they would need $10,000 (singles) and $15,000 (couples) more than the Age Pension per annum to meet these needs.
While the Age Pension provides a safety net, the report highlights that older Australians need more for even a basic lifestyle.
Also an issue raised by respondents is the lack of appropriate information to help navigate retirement.
Of those who hadn’t received adequate advice, 42 per cent said they wanted to know more about aged care cost calculations, followed by investment options (34 per cent), and options to balance spending and saving (22 per cent).
Chris Grice, Chief Executive Officer of National Seniors Australia, highlighted the growing concern among seniors that they don’t have the appropriate support to plan for retirement.
“We found that calculating aged care costs was the topic most people wanted financial advice about,” he said.
“Older Australians feel anxious about the prospect of needing aged care and the unknown costs associated with it.
“We must ensure seniors are not left to navigate these challenges alone, without adequate guidance or resources.”
Paying for aged care has become a dominant concern for older Australians in 2024, with 60 per cent of survey participants worried about how they cover these expenses, while in 2021 Challenger and National Seniors research found that only 38 per cent of people had thought about aged care costs.
