New research from the Challenger Institute for Lifetime Income shows a large majority of older Australians believe they can sustain their preferred lifestyle in retirement, but the report also underscores how different retirees’ experiences can be — even when their savings look similar on paper.
High confidence, mixed experiences
The survey of 1,000 people aged 60 to 80 found 82 per cent consider themselves confident they have the money to live as they wish in retirement. Yet the study’s authors say that confidence and actual spending patterns do not follow a single blueprint: retirees with comparable superannuation balances often make very different choices about how much they spend and on what.
Challenger’s analysis groups retirees into four broad personas — carefree, content, cautious and concerned — to reflect how attitudes, priorities and behaviours shape retirement life. The personas are not strictly tied to how much money a person has or to demographic categories, the report notes.
“Pleasingly, the research shows half of Australian retirees are living a carefree or content lifestyle, enjoying retirement on their terms and choosing to spend on the things that matter to them most,”
That comment came from Aaron Minney, head of retirement income at Challenger, who also highlighted a key finding: for people with balances between $300,000 and $1 million, the super balance alone does not fully explain whether they feel financially comfortable.
Advice helps, but questions remain
Many respondents said they had sought help when planning or managing retirement finances. According to the report:
- 73 per cent of retirees said they had received some form of advice or assistance;
- 51 per cent of people not yet retired reported getting help;
- Despite that help, a notable share feel there are still topics worth discussing — 55 per cent of retirees and 71 per cent of pre-retirees said they would value further guidance.
| Measure | Share |
|---|---|
| Confident they can afford desired retirement lifestyle | 82% |
| Retirees who received advice or assistance | 73% |
| Pre-retirees who received advice or assistance | 51% |
| Retirees wanting further guidance | 55% |
| Pre-retirees wanting further guidance | 71% |
Those numbers suggest that while professional or informal advice is common, it doesn’t always resolve uncertainty. The findings point to gaps in what people seek help for and what they receive — areas such as changing health needs, unexpected expenses, or shifting priorities as retirement unfolds.
Practical takeaways for people planning retirement
For those approaching retirement — or already there — the research offers a few practical reminders:
- Review not only your balance but how you want to live. Savings tell part of the story; lifestyle choices and risk appetite matter too.
- Regularly revisit your plan. The study found some people increase spending as they settle into retirement, while others need to tighten budgets after unforeseen costs.
- Seek tailored advice and ask specific questions. Many respondents who had received help still felt there were topics left unaddressed.
Challenger’s segmentation into personas can help frame discussions with advisers or family so that guidance is matched to priorities rather than only to dollar amounts.
The research paints a picture of retirement as dynamic: confidence is common, but so is change. Policymakers, financial professionals and families may need to focus as much on support and ongoing planning as on lump-sum balances when considering retirement preparedness.
For readers thinking about their own retirement path, the key message is clear: numbers matter, but how you choose to use them — and how you plan for surprises — shapes the reality of life after work.
