A recent survey has shown that one in four self-funded retirees has been forced to return to the workforce as a result of their shrinking retirement funds. On top of this, retirees are looking to cut spending, accept a lower standard of living, sell assets, cancel travel and recreational activities, or delay retirement altogether.
The survey shows that four in ten have lost more than $100,000 in the market downturn. More than one in ten have lost half of their invested wealth (excluding unlisted property).
As a result, 26% of retirees have been forced to get a job or are planning to do so simply to make ends meet.
Australian Retirees Struggle
A downside of Australia having a high proportion of direct share owners is that the slump in the share market brought on by the global financial crisis has caught many people out who are due for retirement.
Due to the current economic climate, Australian retirees are facing scaled-down retirements and extended working lives. Many retirees are having to cut back on everyday spending and one in ten have said that they would go to the extreme of selling their home and buying a cheaper one to recoup some of their losses.
The current and upcoming retirees have not come from generations that have been frivolous with their finances yet they are facing uncertain economic futures. Now consider what financial state you could be in at retirement age if you are already struggling with debt.
It is important that you understand the necessity to save for your future, not only for the years of buying investment properties and having a family, but beyond that to your elderly years when you will most likely be hoping to enjoy the finer things in life such as international travel.
If you are finding it difficult to stay on top of your payments, it is crucial that you find a debt solution today. The more you turn a blind eye to your finances, the further in debt you will become, and the greater your interest and repayment period will be.
At Australian Lending Centre we have helped thousands of Australians find their way out of debt. We have a range of debt solutions that may be suited to you, from debt consolidation to refinancing options.
To speak with a debt consultant today about what options may be available to you, call 1300 138 188 or simply fill out an enquiry form to your right and we will contact you shortly.