AUSTRALIA - Today's Australian workers can actually expect a higher future retirement income than they could six months earlier, despite record investment losses at the country's superannuation funds.
AMP attributed the raise in retirement income to growing wages, an increase in pension and a reduction in taxes.
The report tallied the average retirement income of employees from the ages of 20-69. Workers between the ages of 20 and 24 years can expect a retirement income of A$54,657, while a 69 year old can expect A$31,082.
AMP said the increased income is a surprise given the extent to which the financial markets have battered superannuation fund assets.
Earlier this month, data from consulting firm Chant West revealed the median superannuation growth fund returned -13% for the year, the worst returns since the start of compulsory superannuation in 1992. (Global Pensions; July 22, 2009)
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