Planning to retire? Find out how much you need to do so comfortably!
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Australia, the land of sun-kissed beaches, vibrant cities, and a laid-back lifestyle, is a dream retirement destination for many.
However, it's also one of the world's most expensive countries to retire in.
This might make you wonder: How much do you need in your superannuation to retire comfortably in Australia?
According to a study by Swedish loan broking group Sambla, Australians need a whopping $640,911 to retire comfortably.
This figure puts Australia in seventh place—behind only Switzerland, Monaco, Qatar, Singapore, Liechtenstein, and Canada in terms of retirement costs.
To put this into perspective, Switzerland, the most expensive place to retire, requires $927,034 in retirement savings, translating into annual costs of $46,632.
In contrast, a retiree in Australia would need $34,221 a year to survive, provided they aren't renting and have paid off their home.
Australia's high cost of retirement is further exacerbated by an inflation rate of 4.1 per cent, higher than most developed countries.
This means that the cost of living for retirees is continually rising, making it even more challenging to maintain a comfortable lifestyle.
But the financial challenges for Australian retirees don't stop there.
Australia is also a prime target for scammers, with the country boasting the fourth-highest pool of superannuation savings in the world, totalling $3.6 trillion.
A recent investigation by Super Consumers Australia revealed that since 2022, up to 178,000 superannuation members, with accounts in three super funds, have been placed at a heightened risk of phishing scams due to data breaches.
Rebekah Sarkoezy, Super Consumers Policy Manager, expressed concern over the lack of security measures implemented by super funds to prevent scams.
'There are some super funds who refuse to take up even the most basic account security controls like multi-factor authentication,' she said.
Phishing scams, where criminals send fraudulent emails or text messages designed to steal personal or financial information, can lead to significant losses for unsuspecting retirees.
Data breaches can also increase the risk of phishing, as scammers use stolen contact details and other information to target those who have had their personal information stolen.
In response to this growing threat, Super Consumers Australia has called for a mandatory industry scam code to prevent, detect, and disrupt scams.
They have made a submission to the Treasury's Scams – Mandatory Industry Codes consultation.
Below is the complete list of the most expensive places to retire comfortably:
1. Switzerland: $927,035 in retirement savings
2. Monaco: $795,431 in retirement savings
3. Qatar: $791,029 in retirement savings
4. Singapore: $773,456 in retirement savings
5. Liechtenstein: $772,984 in retirement savings
6. Canada: $665,752 in retirement savings
7. Australia: $640,911 in retirement savings
8. Iceland: $607,558 in retirement savings
9. Austria: $598,434 in retirement savings
10. France: $583,950 in retirement savings
Source: Sambla calculations based on cost of living, life expectancy
Members, what are your thoughts on this news? What measures are you taking to secure your super? Share your thoughts and tips in the comments below.
However, it's also one of the world's most expensive countries to retire in.
This might make you wonder: How much do you need in your superannuation to retire comfortably in Australia?
According to a study by Swedish loan broking group Sambla, Australians need a whopping $640,911 to retire comfortably.
This figure puts Australia in seventh place—behind only Switzerland, Monaco, Qatar, Singapore, Liechtenstein, and Canada in terms of retirement costs.
Australia ranks seventh in the world on the list of most expensive countries to retire in. Image source: gpointstudio on Freepik.
In contrast, a retiree in Australia would need $34,221 a year to survive, provided they aren't renting and have paid off their home.
Australia's high cost of retirement is further exacerbated by an inflation rate of 4.1 per cent, higher than most developed countries.
This means that the cost of living for retirees is continually rising, making it even more challenging to maintain a comfortable lifestyle.
But the financial challenges for Australian retirees don't stop there.
Australia is also a prime target for scammers, with the country boasting the fourth-highest pool of superannuation savings in the world, totalling $3.6 trillion.
A recent investigation by Super Consumers Australia revealed that since 2022, up to 178,000 superannuation members, with accounts in three super funds, have been placed at a heightened risk of phishing scams due to data breaches.
Rebekah Sarkoezy, Super Consumers Policy Manager, expressed concern over the lack of security measures implemented by super funds to prevent scams.
'There are some super funds who refuse to take up even the most basic account security controls like multi-factor authentication,' she said.
Phishing scams, where criminals send fraudulent emails or text messages designed to steal personal or financial information, can lead to significant losses for unsuspecting retirees.
Data breaches can also increase the risk of phishing, as scammers use stolen contact details and other information to target those who have had their personal information stolen.
In response to this growing threat, Super Consumers Australia has called for a mandatory industry scam code to prevent, detect, and disrupt scams.
They have made a submission to the Treasury's Scams – Mandatory Industry Codes consultation.
Below is the complete list of the most expensive places to retire comfortably:
1. Switzerland: $927,035 in retirement savings
2. Monaco: $795,431 in retirement savings
3. Qatar: $791,029 in retirement savings
4. Singapore: $773,456 in retirement savings
5. Liechtenstein: $772,984 in retirement savings
6. Canada: $665,752 in retirement savings
7. Australia: $640,911 in retirement savings
8. Iceland: $607,558 in retirement savings
9. Austria: $598,434 in retirement savings
10. France: $583,950 in retirement savings
Source: Sambla calculations based on cost of living, life expectancy
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