Australians are putting off their retirement by up to four years as cost-of-living pressures bites hard. In its latest retirement report, Colonial First State flagged Australians want to leave the workforce at 62, but the financial realities means they are expecting to have to work until 66. More than half of those surveyed worry they won’t have enough money to live comfortably, while 50 per cent say they fear an unexpected health or aged care cost. A further 37 per cent fear they’ll simply outlive their superannuation. There has also been a significant jump in how much Australians believe they need in for a comfortable retirement, with workers saying they need $183,000 more in their superannuation, surpassing the $1m mark for the first time. Colonial First State executive director of retirement and growth Marissa Powe told NewsWire years of persistent cost-of-living pressures meant many workers were concerned about leaving the workforce. “Australians are understanding that cost-of-living continues to increase, there’s the cost of aged care and healthcare,” Ms Powe said.“They are just taking that all in knowing their retirement savings and super will need to go further than it ever has before.” The research follows official figures released by the Australian Bureau of Statistics show yearly headline inflation fell from 4.6 per cent in March to 4.2 per cent in April.This was due to the Australian government temporarily halving the fuel excise and giving back the GST, which in part eased some of the inflationary pressures. But the all important trimmed mean inflation rate – which the RBA watches because it strips out volatile and seasonal items – rose to 3.4 per cent for the 12 months to April, showing underlying price pressures are still in the Australian economy.The research also found more than three quarters of Australians who receive advice say they feel prepared for retirement, compared with less than half of those without an adviser.Colonial First State Superannuation chief executive Kelly Power said, for many Australians, it raised questions and considerations ranging from whether their savings would be enough to how to navigate an increasingly complex system.“Planning for retirement is complex, but the path forward becomes much clearer with the right support in place,” Ms Power said“That’s why improving access to financial advice is critical. “We strongly believe that reducing barriers to advice, like cost, will help more Australians get the support they need to plan and retire with confidence.”How much do Australians need in retirementIn terms of how much money Australians need to retire, experts differ, pointing out retirement is individual and based on personal expenses and access to the pension.According to the Association of Superannuation Funds of Australia (ASFA), it has gotten harder for Australians to achieve a comfortable retirement due to persistent pressures. They say a single 67-year-old homeowner now needs a $630,000 lump sum if they want to retire comfortably.The figures say couples previously needed $690,000, but now need at least $730,000.The lump sums required for a “modest” retirement have also increased, up to $110,000 for singles and $120,000 for couples after previously being $100,000 for both groups.This has the major caveat of owning a home in retirement.Meanwhile Super Consumers Australia (SCA) says surveys of retirees show most people will spend less than what experts say they need at the end of their working life.The SCA says a typical single retiree will need $322,000 in superannuation when they retire to support spending of $44,000 per year in their post-work years, while a couple will need a combined superannuation balance of $432,000 to support spending of $64,000 per year when they leave the workforce.Retirement anxiety hits women harder Colonial First State also found women are bearing the brunt of retirement-related stress, with nearly two in three worried they won’t have enough money to live comfortably in their post-work years, compared with fewer than half of men.According to their results, 62 per cent of women are concerned about having insufficient funds in retirement, against 48 per cent of men.Women are also more likely to fear unexpected health and aged care costs and are more anxious about outliving the superannuation savings, at 41 per cent versus 34 per cent.Despite some progress over three years of CFS surveys, the gap between men and women has shown little sign of closing. The proportion of women who feel prepared for retirement has climbed from 29 per cent to 43 per cent, while men’s preparedness rose from 44 per cent to 59 per cent.