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Insights into Australians' retirement needs

Fewer Australians feel ready for retirement.

Download the Queensland White Paper Download the National White Paper

Brighter Super & Investment Trends 2024 Retirement Income Report

Brighter Super has partnered with Investment Trends to better understand the evolving needs and challenges faced by Australians nearing and in retirement. We are pleased to present the Brighter Super & Investment Trends 2024 Retirement Income Report. This is a comprehensive survey and study offering valuable insights to help Australians make informed financial decisions and build a more secure future. The survey report reflects the voices of over 5,300 Australians, highlighting the financial pressures, concerns, and aspirations shaping retirement today. It is presented in both a National and Queensland version, with the Queensland version introducing the Ready for Retirement Index.

Key Findings

Retirement confidence drops to a 10-year low
47% of pre-retirees feel unprepared for retirement, as costs-of-living pressures mount.

Retirement income shortfall widens
The gap between expected income and needed income for pre-retirees has grown to 31%, equating to an average shortfall of $1,300 per month.

Inflation and health emerge as top concerns
Pre-retirees rank inflation as their main concern, while health is the top priority for retirees.

Super balance and home ownership bring retirement comfort
Building up super is critical for pre-retirees with the survey finding a direct correlation between the size of their super balance and their preparedness for retirement. Home ownership is also critical to retirees’ comfort in retirement.

Information and guidance is the biggest differentiator
Among pre-retirees who changed investment options after seeking information or guidance, 55% felt more prepared. Only 19% of those who took no action felt prepared.

Key Insights

Preparing for Retirement: What Pre-Retirees Expect

Preparing for retirement

 

Living in Retirement: What Retirees Have Experienced

Retirement Income Gap 

 

Queensland White Paper
  • Queensland’s retirement readiness lags national benchmark
  • Regional Queensland faces greater challenges than SEQ
  • Brighter Super members outperform national and state results

Download the Queensland White Paper

 

National White Paper
  • Strategies for bridging the retirement income gap
  • Insights into how inflation impacts retirement confidence
  • Top advice from retirees to their younger selves

Download the National White Paper

"Bridging the advice gap is key to securing a better retirement for Australians"

— Kate Farrar, CEO, Brighter Super

"For retirees, the focus is shifting from inflation to health as a top concern."

— Jennifer McSpadden, Head of Retirement, Brighter Super
Please contact us for more information on this research, or to learn how Brighter Super’s retirement income solutions can support you in retirement.