With rising financial pressures, Jason Featherby, Head of Financial Advice at Leeuwin Wealth, gives advice on Table Talk with Doug highlights the importance of early planning and financial guidance to help Australians achieve a secure and comfortable retirement.

What Is the Biggest Concern for Retirees?

Rising cost of living is the top concern:

  • The rising cost of living is the number one worry for retirees.
  • Just 64% of retirees feel comfortable in retirement, down from 71%.
  • Over 75% say their pension primarily covers essentials like groceries and utilities.

Are Australians Confident About a Comfortable Retirement?

Many are uncertain:

  • 54% of pre-retirees don’t believe they’ll achieve a comfortable retirement.
  • This rises to 57% for those aged 50 and over.
  • However, 7 in 10 retirees report being able to enjoy a comfortable retirement with their savings.

How Common Is Debt in Retirement?

Debt is surprisingly common:

  • Almost one in four retirees use their pension to pay off debt.
  • Average debt: $100,000 for retirees aged 65–74; $20,000 for those 75 and older.
  • Mortgage debt among older Australians has tripled in the last two decades, with many still servicing home loans in retirement.

Does Financial Advice Make a Difference?

Yes, significantly:

  • 85% of Australians who receive financial advice say they’re on track to meet retirement goals.
  • Only 47% of those without advice feel the same.
  • Advised retirees are twice as likely to retire on their own terms and timeline.

What Defines a ‘Comfortable’ Retirement and What Does It Cost?

According to the ASFA Retirement Standard (March 2025), a comfortable retirement includes regular leisure, travel, dining out, private health cover, and the ability to maintain a car and home.

  • Annual costs for a comfortable lifestyle (homeowners aged 65–84):
    • Single: $52,383
    • Couple: $73,875
  • Superannuation lump sum needed at retirement (age 67):
    • Single: $595,000
    • Couple: $690,000

This standard assumes retirees own their home and receive a part Age Pension.

Listen to the full conversation below!