Retirement Money Worrys

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AFTER consistently topping the list of those who feel most financially secure, retirees are starting to worry.


Picture: Megan Slade Source: News Limited

A survey by ME Bank shows Australian households recorded an overall financial comfort level of 5.5 out of 10 – up from 5.29 six months ago.

But while all other households feel slightly better about their finances, retirees were the only group to turn more pessimistic.

The financial comfort of retirees – in particular those propped up by government payments – deteriorated by five per cent.

They reported feeling increasingly worried about their investments, living standards and income stability.

This is the first time retirees have not topped the list of most financially comfortable since ME Bank’s survey began in 2011.

The report suggests lower borrowing rates has relieved pressure on those with mortgages, but done little for low-debt retirees.

Meanwhile, a stronger share market and housing market helped empty nesters – parents whose children have left home – assume the top spot, with their comfort levels up by 12 per cent.

Source: The Daily Telegraph, Aug 4 2013, 10:07am CDT