Not enough cash for retirement

ALMOST half of the older Australian population faces a huge shortfall once they stop working after conceding they have a superannuation balance of less than $100,000.

Alarming new statistics released by wealth management business MLC found 43 per cent of Australians aged between 50 and 70 had less than $100,000 tucked away.

The research also found 33 per cent had less than $50,000 in their super account. This is well below the recommended balance of $545,000 for a single retiree to live a comfortable retirement, while couples need $640,000.

MLC’s superannuation spokeswoman Lara Bourguignon said it was not too late to take action.

“This is a generation who have not been the beneficiaries of superannuation guarantee contributions for their whole time in the workforce, so you would expect their balance is lower,’’ she said. “But they may have invested outside of super.”