Looks like most Australians are doing pretty much as I posted ie not worrying about having too much money set aside for retirement, a little super nest egg supplemented by the pension... ABC Online... Research has found Australians do not have enough in superannuation savings to live comfortably in retirement.
The Investment and Financial Services Association says the savings gap - the difference between savings and the amount needed in retirement - is continuing to grow.
The savings gap has increased from national levels of about $452 billion in 2004 to $695 billion dollars as at June 2008.
The association's chief executive officer, John Brogden, has renewed a call for an increase in compulsory superannuation contributions.
"We believe we are facing a disaster and the situation is worsening," he said.
"These figures are prior to the main affect of the financial crisis on people's balances.
"We are renewing our call on the Government to at least [raise] the superannuation guarantee from an inadequate 9 per cent to at least 12 per cent.
"That's a minimum increase that IFSA believes is required and our industry believes is required to provide a better outcome."
Meanwhile, superannuation funds have had their best six months since compulsory super was introduced in 1992, but are still well down on pre-financial crisis levels.
A monthly report on superannuation funds released last week showed balanced funds rallied 2.2 per cent last month and 12 per cent in the half-year to December.
