You may need more than super to retire
Industry group Taxpayers Australia says people need to consider whether they will have enough money to retire.
The comments came in the way of a Productivity Commission call for the retirement age in Australia to be increased to 70 – a move tipped to save taxpayers $150 billion over 50 years.
A Superannuation Products and Services spokesman said it was a reality for most Australians that they would require the government pension – even at an eventual super contribution rate of 12%.
People should make personal contributions above existing levels to ensure they had enough money to retire on, he said.
Taxation Australia said raising the pension age to 70 would not be enough to enable people to retire without the pension.
It urged the government not to make the same mistake as Europe in believing the government could afford to provide for everyone in retirement.