The Australian Securities and Investments Commission (ASIC) has added a Retirement Hub to its Moneysmart website, providing new planning tools and information for Australians approaching retirement at a time when many report uncertainty about their finances.
The Moneysmart Retirement Hub brings together calculators, planning tools, and explanatory material on retirement income, superannuation, and the Age Pension. The development follows ASIC-commissioned research indicating that 48% of Australians aged 50 to 66 are worried they will run out of money in retirement. Almost one-third (32%) say they feel behind in their preparations, and only 18% report having a clear retirement plan.
A central feature of the hub is the Retirement Planner, which allows users to project income from superannuation, the Age Pension and other sources and to test how retirement age, contribution levels, and spending patterns affect income over time. The planner addresses three questions ASIC describes as common among pre‑retirees:
Other tools on the hub include calculators for estimating superannuation balances at retirement, checking Age Pension eligibility, and comparing retirement income options. ASIC is promoting the hub through a consumer awareness campaign that directs Australians to the new online resources.
ASIC’s research points to a gap between self-reported confidence and measured understanding of retirement finances. Only 26% of pre‑retirees demonstrate a strong grasp of retirement finance concepts, while 41% say they feel confident about managing their money in retirement. At the same time, 46% report low financial literacy and low confidence in managing retirement finances, and 58% indicate they want to learn more about superannuation and retirement.
ASIC commissioner Alan Kirkland said many consumers face difficulties in working through the rules and choices involved in retirement planning. “It’s natural to feel uncertain about retirement but without a clear plan in place and that uncertainty can quickly turn into anxiety about whether you will have enough money. The new resources on Moneysmart can help people move from worry to clarity – through simple, trusted tools and information to help them understand how they are tracking and plan for their future with greater confidence,” Kirkland said.
The Moneysmart changes come as Australian Bureau of Statistics (ABS) data for 2024-25 shows an increase in both the number of retirees and the proportion of older Australians who have left the labour force. In the 2024-25 financial year, 156,000 people aged 45 and over retired, with an average retirement age of 63.8 years. Women made up 55% of these new retirees and, on average, retired earlier than men. Across all people aged 45 and over who were already retired, the average age at retirement was 57.3 years, with men retiring at an average age of 60 and women at 55.2. The total number of retirees aged 45 and over reached 4.5 million in 2024-25, up from 4.2 million in 2022-23. Over the same period, the proportion of people aged 45 and over who were retired rose from 40% to 42%.
Retirement intentions data shows that people expect to work for longer than earlier cohorts did. The average age at which people aged 45 and over intend to retire was 65.6 years in 2024-25, slightly higher than 65.4 in 2022-23. Just over 800,000 people say they intend to retire within the next five years, including 294,000 within the next two years. However, 40% of those who intend to retire – around 1.9 million people – do not know when they will leave the labour force. State and territory figures show variation in retirement patterns. In 2024-25, Tasmania recorded the highest proportion of retirees, with 50% of people aged 45 and over retired, while the Northern Territory recorded the lowest at 31%. Queensland recorded the largest increase in retiree numbers between 2022-23 and 2024-25, adding 89,000 retirees.
ABS data indicates that the government pension remains the most common main source of income for retirees, although reliance on superannuation has increased over the past decade. Between 2014-15 and 2024-25, the share of retirees reporting superannuation as their main source of income rose from 20% to 28%. In 2024-25, 42% of retired men aged 45 and over and 41% of retired women in the same age group cited the government pension as their main source of income, while 35% of men and 23% of women reported superannuation as their main source. Thirty percent of retired women relied on a partner’s income to meet living costs, compared with 9% of retired men. The number of people reporting a lump sum payment from a superannuation scheme increased from 881,000 to 922,000 between 2022-23 and 2024-25. Earlier increases in lump sum withdrawals were associated with temporary COVID‑19 early-release arrangements, which allowed eligible individuals to withdraw up to $20,000 from superannuation before retirement on financial hardship grounds.
The combination of ASIC’s expanded Moneysmart tools and the ABS retirement data signals ongoing focus on retirement income design, longevity risk, and sequencing and drawdown issues. Moneysmart, which ASIC reports receives more than 11 million visits a year, presents the Retirement Hub as a free government information service. Insurance and wealth professionals may encounter more clients who have used the hub’s calculators and scenarios, with implications for how retirement products, advice processes, and disclosures are framed in discussions with those consumers.
