Millions Face Retirement Shortfalls Across Australia, US, UK

A range of recent studies highlights growing concerns about retirement readiness both in the U.S. and Australia, with many individuals fearing insufficient savings and unclear financial options. In Australia, up to 20% of people fear they will not accumulate enough superannuation or investments to retire comfortably, with average and median super balances still relatively low, and some facing potential ineligibility for the Age Pension due to asset limits. In the U.S., just 65% of employees believe they are on track to retire at their desired age, with younger generations particularly struggling to understand retirement savings needs and being burdened by debt. Additionally, many Americans are facing a significant gap between their retirement income needs and Social Security benefits, causing more older adults to remain employed longer. UK research reveals that less than half of people over 55 have a clear understanding of their retirement options, increasing the risk of poor financial decisions. Meanwhile, the UK’s Department for Work and Pensions warns that many future pensioners will be worse off due to forgotten or unclaimed pension pots, emphasizing the importance of tracking and consolidating pensions to improve retirement outcomes.