Super the only certain equation for most retirees

Superannuation represents an unwavering pillar of certainty for Australian transitioning to retirement, according to new research conducted by Investment Trends.
The certainty of superannuation stands in contrast to misconceptions around other sources of retirement funding, with the Investment Trends research confirming that retirees frequently underestimate the degree to which they will be reliant on social security.
The research found that pre-retirees got it right with their expectation that their superannuation would contribute on average 30% to their retirement funding.
“The research reveals that pre-retirees expect their superannuation savings will contribute on average 30% of their retirement funding. The spouse/partner’s super is expected to account for 16% and household savings and investments expected to play a substantial role, contributing 25%,” Investment Trends said.
“The reality for retirees bears one similarity and several differences to those expectations. The contribution of their own superannuation is the only estimate pre-retirees get right – 29% of retirees’ income comes from this,” it said.
“Retirees, however, find themselves relying more on social security entitlements (23% of retirement income) —a source many pre-retirees significantly underestimate,” Investment trends said.
Commenting on the findings, Investment Trends head of research, Irene Guiamatsia said superannuation is the unwavering pillar members know they can rest on as they transition to the reality of retirement.
She suggests superannuation funds had an opportunity to be more active in equipping pre-retirees with the knowledge they need to be better prepared for the reality including on how superannuation interact with social security.
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