When it comes to our superannuation schemes and balances, Australians are living through what could most politely be described as a bit of a tricky time. An awkward teenager phase, if you will. But among those of us with pimply, braces-clad balances, one group is perhaps most at risk of being a social pariah than any other.
On the one hand, the introduction of mandatory employer superannuation contributions three decades ago means that the vast majority of the 17 million of us who have it are on track to retire with an OK, if not robust, balance.
When we’re talking about super and long-term pain, there’s one group of Australians that we need to bring back into the fold, and fast.Credit: Dionne Gain
On the other hand, the number of Australians accessing their super early – either at the height of the COVID-19 pandemic, or for things like medical treatment through the Australian Taxation Office’s compassionate release of superannuation scheme – means that far too many of us are still well below where we need to be, and aren’t hitting milestones quickly enough.
According to research from the Association of Superannuation Funds of Australia, only 30 per cent of Australians will be able to retire comfortably if they were to do so today. The good news is that number is on track to increase to 50 per cent by 2050, but by anyone’s measure, only half of the population living comfortably in their later years is hardly a great measure of success.
What’s more, ATO data consistently shows that, not only are........