The retirement reality gap
What members wish they'd known, and how funds can help
Many Australians are still reaching retirement without a plan. The second edition of TAL’s What I Wish I Knew About Retirement research paper explores what’s driving this inaction, and how super funds can best support members on their retirement journeys.
Based on a survey of 2,000 Australians aged 55 and over, the research found that 48% of retirees took no meaningful action to prepare for retirement, up from 39% in our 2024 study. Among pre-retirees, significant knowledge gaps persist – almost a third don’t know their options for accessing their super.
The problem isn’t disengagement. Three-quarters of respondents describe themselves as engaged with their finances. What’s missing is a clearer pathway to understanding and action.
The confidence curve
Currently, 69% of pre-retirees feel confident about their ability in making financial decisions. But when they look ahead 20 years, only 36% expect to maintain that confidence. This anticipated decline has important implications for the design of lifetime income solutions and the services and experiences supporting them.
The opportunity
The research identifies five clear gaps where funds can make the biggest difference:
Interest in lifetime income solutions is strong: 87% of pre-retirees would want to find out more if their fund offered these products. What's missing is the pathway from awareness to understanding and action.
"At TAL, we want to help Australians retire with the confidence to enjoy the life they've worked hard to build"
Shaun Bransdon, General Manager, Retirement and Wealth
Find out more
To find out more about the research, or how TAL's retirement solutions can support your members, speak to your TAL Partnership Manager.