Australia is now considered the seventh most expensive place in the world to retire, with a consumer group warning that retirement savings are at risk of being stolen.
Swedish loan brokerage group Sambla calculated Australians needed $640,911 to retire comfortably, putting them behind only Switzerland, Monaco, Qatar, Singapore, Liechtenstein and Canada.
Australia’s inflation rate of 4.1 per cent is also higher than most of the rich world, meaning a retiree would need $34,221 a year to survive, provided they are not renting and have paid off their house.
By comparison, Switzerland was the most expensive place to retire, with $927,034 in retirement savings needed to grow old in the Alps, translating to annual costs of $46,632.
Swedish loan brokerage group Sambla calculated Australians needed $640,911 to retire comfortably, putting them behind only Switzerland, Monaco, Qatar, Liechtenstein and Canada (pictured, file image).
Australia’s inflation rate of 4.1 per cent is also higher than most of the rich world, meaning a retiree would need $34,221 a year to survive, provided they are not renting and have paid off their house ( archive image).
Australia is also a target for scammers, as it has $3.6 trillion in retirement savings, or the fourth-largest fund in the world.
An investigation by Super Consumers Australia has revealed that since 2022 up to 178,000 superannuation members, with accounts in three super funds, have been exposed to an increased risk of phishing scams due to data breaches.
Super Consumer policy director Rebekah Sarkoezy said super funds were refusing to implement even the most basic security features to prevent scams.
“There are some super funds that refuse to adopt even the most basic account security controls, such as multi-factor authentication,” he said.
Criminals can obtain someone’s personal information by sending fraudulent emails or text messages. designed to steal a person’s personal or financial information.
Data breaches can also lead to an increased risk of phishing, as scammers use stolen contact details and other information to target those who have had their personal information stolen.
An investigation by Super Consumers Australia has revealed that up to 178,000 superannuation members, with accounts in three super funds, have been exposed to an increased risk of phishing scams due to data breaches (pictured stock image ).
More than 16 million Australians have a super account.
Super Consumers Australia has called for a mandatory industry scam code to prevent, detect and disrupt scams.
He has made a submission to the consultation on Treasury Scams: Mandatory Industry Codes.