Given the recent market volatility and economic uncertainty, some people may be feeling less confident when it comes to their retirement planning.
Some people find themselves questioning if they will in fact have enough funds to retire when they would like to.
Or wondering if they’ll have enough resources in retirement to continue living a comfortable lifestyle, or the lifestyle they imagined for themselves once they’d finished working.
If this is how you are feeling, you may not be alone.
The AustralianSuper Monash University Retirement Confidence Index (RCI) is an annual survey that looks to gain an in-depth understanding of Australians’ thoughts, behaviours and feelings as they approach or experience retirement.
The Retirement Confidence Index is the first study of its kind - commencing in 2017 and set to continue until 2026 – and in 2022 it found that the average retirement confidence score was 66 out of 100, a score which considers the following factors:
1. Financial awareness and skills
2. Health and wellbeing
3. Social factors
4. Retirement awareness and planning
You can read more about the RCI, and take the quiz yourself here.
As with all facets of your financial planning it is our belief that the more proactive, prepared and positive you are the more confident and less stressed you will feel about retirement, or any other lifestyle changes, business decisions, or major purchases.
And this is where the team at Hub Advisory Group can help you. If you’d like to discuss your retirement confidence, and the plans you have in place to retire don’t hesitate to call the office on (02) 4926 8000 for an appointment.
You can also read our range of retirement blogs here:
Financial planning to create the retirement that fits your lifestyle
Financial steps to retirement
How can an annuity help my retirement?
Source: The AustralianSuper Monash University Retirement Confidence Index (RCI)
Comments