Retirement planning an opportunity for accountants

The BT Australian Financial Health Index has revealed that while 41 per cent of pre-retirees aged 55-64 think about the prospect of retirement either ‘often’ or ‘daily’, 58 per cent of Australians in this same age group reported thinking about retirement only ‘sometimes’ or ‘rarely’.

Of that 58 per cent, 21 per cent said they never think about retirement at all.

The index also indicated that 26 per cent of Australians in the 55-65 expect to be in retirement for 20-29 per years, while 8 per cent of Australians in this age group expect to be retired for fewer than 10 years.

Meanwhile, the number of Australians across all age groups that expect to retire before age 55 has increased.

Seven per cent of Australians expected to retire before age 55 in 2012; however, by 2015 this number had grown to 10 per cent, BT said.

BT Financial Group's general manager of superannuation, Melinda Howes, said it is important that Australians make a plan and stick to it since this will give them greater control over how and when they retire.

“It’s not surprising that those closest to retirement are thinking about it the most, but the big difference is between worrying and thinking about it and planning to take action, getting advice and feeling confident about retirement,” said Ms Howes.