Half of Australians Near Retirement Fear Running Out of Cash

Almost half of Australians approaching retirement fear running out of money and lack confidence managing their finances once they stop working, according to new research from the corporate regulator.

With about 2.5 million Australians set to retire in the next decade, 48% of people surveyed aged 50 to 66 said they were worried about outliving their savings, the Australian Securities and Investments Commission research found. Only a third said they were confident of being financially comfortable in retirement.