Many Australians approaching retirement face the stark reality of not being able to afford a bucket list of dreams and will just end up kicking one.
So much for those grand plans after a lifetime of work, raising a family and paying off a mortgage.
More than half of 1000 respondents to an online survey by REST Industry Super say they have a retirement bucket list.
But less than a third think they’ll be able to tick off all the items.
Worse still, one in six don’t think they will be able to achieve anything on that list.
REST Industry Super’s CEO Damian Hill says too often people underestimate the cost of retirement.
“The gap between what people think they need to retire on and what they require in reality is often significant,” he says.
While most of the respondents to the survey do not have the benefit of a lifetime of superannuation, Mr Hill is urging people to take an interest in their superannuation earlier in life.
Consolidating super accounts, salary sacrificing and taking an active interest in how their super is invested are small steps people can take earlier in life to maximise retirement returns.
Mr Hill says creating a bucket list is a strong motivational tool when it comes to super.
The latest Association of Superannuation Funds of Australia Retirement Standard shows that a couple looking to achieve a “comfortable” retirement needs to spend $57,817 a year, while those seeking a modest retirement lifestyle need to spend $33,509 a year.
WHAT AUSTRALIANS WANT IN RETIREMENT:
* 52 per cent have a retirement bucket list
* 53 per cent want to travel the world
* 43 per cent: a road trip
* 36 per cent: to visit a famous attraction like the Rio Carnival
* 30 per cent: to leave something for the kids
* 15 per cent: to write a book
* 14 per cent: to swim with dolphins
* 11 per cent: to learn to play a musical instrument
* 2 per cent: to bungee jump or skydive
* 1 per cent: to run a marathon.
Source: REST Industry Super