Hi guys, I read this report and I thought I should share with everyone and see how serious it is not only the Men but the Woman when it come to preparation for retirement, it's something we all should be aware of.

CEO of the Retirement Village Association Kate Hamond says; "Recent research released from the University of Canberra’s Centre for Social and Economic Modelling suggests the future of women baby boomers is of real concern. ‘Baby boomer’ is the moniker given to people born between 1946 and the early 1960s.

“Half of all women aged between 45 to 60 have less than $8000 saved in superannuation. The average male of the same age has a still below-par $87,000 saved, and half have less than $31,000 saved,” Hamond says.

“Estimates differ, but it's generally accepted that comfortable retirement will cost around $45,000 per year, which requires superannuation savings of at least $450,000.

“Some baby boomers are starting to think ahead now, and those who are not probably should be.”

Arthur Koumoukelis from Gadens Lawyers believes baby boomers need to be aware of the financial risks associated with retirement.

“The fact is that 40 per cent of aged people will have assets two and a half times the aged pension ($22,000 per annum), which equates to just $50,000,” Koumoukelis says.

He says many baby boomers have a vision of living in lifestyle resorts or luxurious retirement villages when they retire, but the reality is they may need a lot more money to live the lifestyle.

“Baby boomers must not fall into the trap of expecting Rolls Royce service for Kia costs,” Koumoukelis says.

“Developers of retirement villages also need to take these financial issues into account. They must be aware of their future client base and recognise that not all retirees are self funded with earnings over $40,000 a year.”