Self-funded retirees forced back to work

by Andrew Newman
in General
15 Jul 2009 | 0 Comments

1 in 4 self-funded retirees have either returned or plan to return to work as a result of losses to their retirement savings, according to new research by CoreData.

The CoreData research found that 1 in 2 self-funded retires have lost 25% or more of their retirement funds (including super, excluding property) over the past 2 years due to the global financial crisis. As a result, retirees are being forced back to work and are cutting back on spending as a result of their losses.

Fewer than 15% of self-funded retirees and pre-retirees (with plans to retire within 5 years) have managed to escape loss of wealth since the global financial crisis began. 1 in 10 of the self-funded retirees in the CoreData research have lost more than 50% of their wealth (excluding unlisted property) over the past two years.

1 in 10 self-funded retirees plan to downsize their home, while 1 in 20 have already done so.

The CoreData research involved 1,082 individuals aged 50 and over.

The above article has been sourced from Money Management.

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Self-funded retirees forced back to work

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