Australians with over 20 years left in the workforce are twice as likely to expect a more luxurious standard of living in retirement than they have today, according to new research by Aware Super.

“Over a quarter (27 per cent) of those one year out from retirement, understand clearly what they want their lifestyle to be and therefore have a specific number in mind for their income needs. Having a keen understanding of your financial circumstances and those specific goals, makes it easier to feel confident about achieving them,” said Jacki Ellis (pictured), Head of Retirement at Aware Super.

The research, garnered from almost 30,000 users of the fund’s personalised digital advice tool, My Retirement Planner, showed that Australians should understand their circumstances so they can more realistically plan for the future.

”Over one third (31%) of users said they would make voluntary contributions to improve their confidence score, rather than delaying retirement (24%), which reinforces the importance of understanding your retirement lifestyle goals and the actions needed to achieve them,” said Jacki.

A public-access version of My Retirement Planner is in development with Aware Super anticipating launch in 2024.