Interesting OECD report.
We are in the country who is the second worst in caring for older people.
This sort of falls into the big picture of other well-known statistics:
- Australians work the longest hours among OECD nations
- One in four workers do not make it till the pension age (not surprising considering the previous one)
- Only 3% of Australians retire on $50K pa or more
- 89% of people who are on BRW 200 list (self-made, not inherited money) made their first million in Real Estate.
- Superannuation half of the time delivers negative returns (now it is exactly the time)
- $1M in term deposit at the current rate would earn $40K pa minus fees
I know that 99% of people who read this would not do anything to help themselves. But it would pay to figure out how much you would need to support your usual lifestyle. Divide that amount by 0.04 and you will get an amount you need to accumulate before the retirement.