Posted December 02, 2018 11:33:38The world of superannuation has changed a lot since the 1980s when the highest-paid person in Australia was a high-school teacher who earned more than $400,000 a year.
But the current superannuants are just as wealthy, and have much less control over their investments.
They are a tiny group of people who, while working hard to build wealth, are often living in luxury, according to the latest survey.
The survey of more than 1,000 superannuciants, conducted by superannuity advice firm Superannuation Advice Australia, found that the median net worth for these retirees in 2017 was $822,000.
That’s up from $621,000 in 2016, when the median superannuer was a nurse, or $550,000 more than the median wage earner in the same age bracket.
A median net-worth of $1.2 million is also significantly higher than the $800,000 median net income of retirees in the United States in 2017, which was the lowest median net wealth of all countries surveyed.
While retirees were more likely to be self-employed in 2017 than the previous survey, they were still less likely to own a home.
“There’s a lot of anxiety about having the superannuated retire,” said Peter Stedman, a superannuitant in his 60s who has retired from a portfolio of more $1 billion.
Mr Stedmann said he felt he had “no control” over his superannuations and the amount of money he had saved for retirement.
It is a phenomenon he has experienced since retiring from his investment management firm in the 1990s, when he was worth $3.5 billion.
“I had to live like a rock star, because I was making millions,” he said.
After retiring, Mr Stedham invested his super in real estate, but was forced to sell it because of inflation and rising house prices.
In 2017, the median house price in Australia increased by 30 per cent, with the average Sydney home priced at $1,822.
Mr Stegan said the biggest shock to his super portfolio was when he sold his Sydney property for $1 million in December.
He said the purchase cost him more than he could have ever imagined, with his super assets being worth $1m less than they had been before.
Now, he is worried about the future, as he expects the housing market to collapse.
I’m a former superannuary, and I’m now worried about how long my retirement will last.
‘This is not my fault’ “I’m going to lose everything, and my wife is going to be the first to suffer financially,” Mr Stelm said.
“I can’t just walk away from this.
This is just not my own fault.”
Mr Stelmeen said he was “pretty comfortable” with the retirement income he has now, and was confident he would be able to manage it financially.
Many of his former super fund participants, who were all retirees, were also unsure what their future will be.
Most of them were considering taking the plunge, which means investing in property or other investments, such as a property fund, which they say will allow them to save more for retirement, if they want.
“[It’s] the next logical step, because we’re at the peak of the property market,” he told ABC News.