New retirees up 6%, average age down to 58 years, says Roy Morgan

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The market research group’s most recent Single Source survey revealed that the number of people intending to retire in the next 12 months is estimated at 439,000 (or 1,200 every day) – a six per cent increase from the 2018 figure of 414,000 and 11 percent above the 2017 figure of 395,000.

Roy Morgan says the current average gross wealth (total assets excluding owner-occupied homes) of intending retirees is $299k – up only two per cent since 2017.

However, the Association of Superannuation Funds of Australia (ASFA) estimates that an individual would need $545k (and a couple $640k) for a ‘comfortable retirement’, resulting in an overall conclusion that intending retirees will be relying on government benefits “for some time”.

Norman Morris, Industry Communications Director at Roy Morgan, says a significant contributing factor to this predicted shortfall in savings is a reduction in the average age of intending retirees, which has fallen from 62 years to 58 years since 2018.

The Single Source survey is based on annual in-depth interviews conducted face-to-face with over 50,000 consumers in their homes, including 430 who intend to retire in the next 12 months. These results are based on interviews conducted in the 12 months to January 2019.