Recent financial market turmoil has left employees uncertain whether they can afford to retire, Mercer’s 2008 Benefits Outside the Square Study has found.

Mercer’s study of 600 working Australians and 150 employers, found that more than 40 per cent of employees aged 50 and over are unsure how much they will need in retirement, and one in four expect to delay retirement until their 70s.

“For many baby boomers, the impact of recent stock market declines on their superannuation savings means that traditional retirement is not an option - they just can’t afford to stop working altogether,” David Anderson, Asia Pacific Business Leader of Mercer’s outsourcing business, said.

“Instead, they’re looking to their employers for practical help in preparing for and transitioning to retirement – and that means facilitating financial advice and education as well as flexible working arrangements. It's no longer enough for employers to just pay a salary and provide traditional benefits,” he said.

 Download the Mercer's 2008 Benefits Outside the Square Study report

Download previous issues of Benefits Outside the Square