Australians expecting to retire overestimate the amount of income they will need, according to Vanguard research. While working-age Australians anticipate an average annual income of $99,000, current retirees are content with $68,000. The ASFA standard for a "comfortable" retirement is lower. Younger Australians have more optimism about retirement and hope to retire earlier with higher salaries. Confidence about retirement leads to better preparation, including seeking professional advice. Vanguard aims to improve engagement with superannuation and provide transparent fee structures.
For a more detailed explanation please refer to this article written by Financial Services Journalist, Chris Dastoor.
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