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Australians have unrealistic expectations about what their ideal lifestyle will cost them in retirement, according to new research.
A survey of more than 1,500 Australians, conducted by Galaxy Research on behalf of Sunsuper, found that those surveyed expect their ideal retirement will cost them $3,702 a month per couple, well short of Sunsuper forecasts.
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Sunsuper’s customer service general manager, Steven Travis, said many Australians need to plan better for their retirement to have the lifestyle they hope for.
"According to Sunsuper’s retirement lifestyle forecasting, it would actually cost upwards of $4,700 a month per couple to fund this type of retirement lifestyle, 26 per cent more than what Australians believe," said Mr Travis.
"The results clearly show that Australians are confused about how much they’ll need to fund the lifestyle they want in retirement".
Mr Travis said the best thing people can do to help them better plan for their retirement is to take some time to think about the type of lifestyle they want to have when they stop working.
"I would encourage people to picture themselves in retirement – including the types of activities they want to be able to do, how frequently they want to travel and the type of health care they’d like to receive," he said.
According to the survey, in retirement Australians expect to be able to:
• indulge in whatever foods they want (57 per cent)
• regularly travel to see and socialise with friends (55 per cent)
• dine out once a month (50 per cent)
• take an annual holiday within Australia (49 per cent)
• buy a new car (45 per cent)
• travel overseas every 1-2 years (41 per cent)
• see a live show/event 2-3 times a year (32 per cent)
• renovate their kitchen or bathroom (19 per cent).
