Baby Boomers don’t have enough savings

The Melbourne Institute has also found that men in their late 50s have just five years of savings set aside for their retirement years.

As a result, report author Roger Wilkins says Australians need to consider delaying their retirement so they can save as much as possible.

"Later retirement both increases savings at retirement and reduces the number of years spent in retirement," Wilkins told News.com.au.

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written by wealthruproperty.com, November 17, 2010

It is dire that so many Australians are in this boat at retirement age. The traditional strategies of passively building wealth through holding a portfolio of investments and hoping they will grow is grossly inadequate and misguided for those who have not built up sufficient reserves.