Australian residents need to save up to 2 million of their old age (Daily Mail photo)
Individual pension funds must exceed A $2 million if Australians want to live in their old age after retirement, according to the survey.
Bank deposits of A $2 million can reassure Australian retirees of A $80, 000 a year, according to the Daily Mail.
But is this daunting savings figure achievable?
Sure, that's the answer from financial expert Stoykov (Vanessa Stoykov).
Although an earlier survey by Griffith University (Griffith University) found that more than 80 percent of Gen X and Y residents were unable to meet their savings targets for the rest of their lives, Stoykov believes that just change some economic habits and consolidate debt. Residents can reach a deposit target of A $2 million.
In an interview with news program Sunrise today, Stoykov said residents should change their perception of retirement savings and stop treating it as a hard job. Residents need to merge credit card debt into a low-interest loan to stop bad spending habits. By doing so, you can live a comfortable life after retirement.
(Association of Superannuation Funds of Australia), the Australian pension fund association, said Australian residents had a financial balance of A $1 million when they retired, allowing them to live beyond the "comfort standard" of retirement.
Since the age of 18, residents who have saved more than A $20 a day will be able to reach the magic figure of 1 million; if they save more than A $40 a day, they can reach 2 million.
If residents start saving at the age of 30 and deposit $36 a day, they can have A $1000535 on retirement. If you start saving at the age of 40, you can save A $64 a day, and by the time you retire at 65, the pension fund will reach A $1000839. To reach the A $2 million target, residents who start saving at the age of 40 must save more than A $120 a day.
Cook (Graham Cooke), manager of Finder, a financial comparison site, says savings have become a trickle. The study found that residents can become millionaires by retiring as long as they save less than lunch each day.