Superannuation and retirement
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Published on 14 Mar 2025Raelene Seales, CEO Prime Super speaks of the challenges in the superannuation industry
The superannuation industry is designed to help people grow their retirement savings, but as our CEO, Raelene Seales, explains in the video below, there are two key challenges which are member engagement and confidence in retirement.
Many Australians don’t see their super as their own money. Many trust their fund to manage it but don’t actively engage with it. “We’d like members to become more engaged – little contributions over time could make such a significant difference to their retirement,” says Raelene.
The other challenge comes in retirement itself. Those who have saved well are hesitant to spend, fearing they’ll run out of money. “We’re finding that a lot of our members who reach the pension phase are not spending their money in the same way. They have a fear of running out of money in retirement.”
Recent research from ASFA shows that Australian couples need $690,000 in super to retire comfortably, while singles need about $595,000. While these figures can seem daunting, small contributions over time can help you reach your goals. At Prime Super, we provide guidance, tools and support for our members so they can build their super with confidence.
Watch the full video to hear Raelene’s insights and how we’re here to help our members.
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If you need help with your super, you can book a 15-minute chat with a super specialist at a time that suits you.