Who wants to be a millionaire? Apparently, almost every Livewire reader

Livewire readers, I think I've found your anthem: Bruno Mars' Billionaire.

Because if there's one thing our latest Retirement Series Survey tells us, it's that engaged Australian investors - you fine folks - have some pretty big ambitions for your golden years.

We asked you how much you'll need to retire, what keeps you awake at night, where you're planning to invest and whether artificial intelligence is changing how you manage your wealth.

More than 1,400 investors responded, and some of the findings genuinely surprised me.

But when our data analyst broke down the responses by retirement stage, an even more interesting picture emerged. While wealth targets remain remarkably consistent, investors' fears and priorities change dramatically as they approach their golden years.

To make sense of it all, I sat down with Andrew Wielandt, Director at DP Wealth Advisory and better known as Australia's ETF Whisperer.

Below, we unpack five key findings, a few other surprises and Andrew's investment picks spanning growth, income and defensive assets to help investors think about their retirement portfolios.

Watch the full interview below, or read on for the written summary and great charts.

1. Almost 80% believe they need at least $1 million to retire – but 67% just want financial freedom

Almost 80% of respondents believe they'll need at least $1 million to fund their desired retirement, excluding the family home. More than four in 10 nominated $2 million or more.

That's considerably higher than the roughly $700,000 often cited as the benchmark for a comfortable retirement for a home-owning couple.

And here's something interesting: the amount investors think they'll need barely changes with retirement stage. 

Whether they're more than a decade away or already enjoying retirement, between 78% and 86% of investors across all five groups believe they'll need at least $1 million.

But what are investors actually chasing? When we asked what would make them feel genuinely wealthy in retirement, three priorities stood out:

• 67% - Having enough income to rarely worry about money.
• 52% - Knowing their money will last for life.
• 51% - Having the freedom to travel and enjoy experiences while they're healthy.

2. 54% of younger investors fear not having enough, while 66% of semi-retirees fear a market crash

A major market downturn topped the overall list of retirement threats, nominated by 58% of respondents, followed by inflation (49%) and health or aged-care costs (42%). But the most revealing finding is how those fears evolve.

Among investors more than 10 years from retirement, 54% worry about not accumulating enough wealth. That falls to just 9% among retirees.

Meanwhile, a market downturn worries 61% of those five to 10 years away, rising to 66% among semi-retirees.

Health and aged-care costs also become increasingly important, concerning half of fully retired respondents compared with just a quarter of those more than a decade away.

The data confirms an obvious pattern: younger investors worry about building wealth, while those approaching retirement increasingly worry about protecting it.

Wielandt's take: Why you should consider a bucketing strategy before retirement

For Wielandt, the biggest danger isn't necessarily a market crash itself, but a crash at precisely the wrong time.

"Bad things happening at the worst possible time is how I technically describe it."

Known as sequencing risk, a sharp downturn early in retirement can do lasting damage, particularly when investors are forced to sell shares at depressed prices to fund their living expenses.

That's why he advocates preparing well before retirement, using a bucketing strategy that sets aside several years of living expenses in cash and defensive assets.

3. 63% want more growth stocks, while ETFs are overtaking direct shares among accumulators

Despite fears of a market crash, investors are still chasing returns, with the most popular investments they plan to adopt or increase over the next 12 months being:

• 63% - Growth equities
• 57% - High-dividend shares
• 42% - Cash and term deposits

Among those more than a decade away, 73% favour growth stocks versus 43% for high-income shares. By retirement, both attract around 60%, while interest in cash and term deposits has more than doubled, from 21% to 47%.

I asked Wielandt how investors reconcile their fear of market crashes with their appetite for growth.

"Welcome to my day job," he quipped.

He explains that investors who have already built sufficient wealth can afford to take less risk, while those still working towards their retirement goals may feel compelled to chase higher returns.

But what about the investment vehicles they're planning to use over the next 12 months?

Direct equities narrowly beat ETFs overall (72% versus 69%), but 78% of investors five to 10 years from retirement plan to use ETFs, compared with 63% for direct shares.

Among retirees, that reverses: 77% favour direct equities versus 66% for ETFs.

Wielandt's take: Why your biggest winners could become your biggest risk

Wielandt says retirees' preference for direct shares partly reflects the era in which they started investing, but also the substantial unrealised capital gains many are sitting on.

"If you got CBA at $5.40 on the float, and even with that recent pullback, they're still around $150 and people are terrified - literally terrified - of the CGT consequences that are going to come from dealing with that."

But holding onto those winners comes with its own risks. Wielandt points to CSL, whose shares plunged from above $300 to around $90, as a reminder of what can happen when investors become overly exposed to individual companies but are reluctant to sell because of the potential tax bill.

For Wielandt, it's a compelling argument for using diversified ETFs rather than allowing a handful of individual companies to dominate a retirement portfolio.

4. 35% are 'Leavers', while 29% want to blend work and retirement

One of my favourite survey questions asked readers which retirement personality best described them. The results were revealing:

• 35% were Leavers – investors who want to stop working completely and enjoy retirement.
• 29% were Blenders – those who prefer a mix of retirement and flexible or part-time work.
• 26% were Disengaged – investors who have given relatively little thought to retirement planning.
• Just 5% were Stayers – those who want to remain strongly connected to their careers.

The findings suggest retirement isn't necessarily a clean break from work. While some investors can't wait to leave the workforce behind, others want the freedom to keep working on their own terms.

These retirement personalities also struck a chord with Livewire readers following my colleague Anna Dadic's interview with Shaw and Partners' Adam Dawes, highlighting how different approaches to retirement can call for different investment strategies and risk profiles.

We'll be bringing Adam back to explore what retirement portfolios could look like for Blenders and Disengaged investors.

Asset Allocation

How Adam Dawes would invest $2 million for two very different retirees

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5. 72% of younger investors use AI, but few are using it to plan retirement

The final key finding that caught my attention was how investors are using AI – or, in many cases, not using it at all.

Some 41% aren't using AI, although younger investors are far more likely to embrace it than retirees.

Among those putting it to work, investment research dominates:

• 41% use AI to research investments.
• 25% summarise financial news.
• 21% analyse their portfolios.

Yet just 13% use AI to model retirement income, and fewer than 10% compare retirement strategies. 

Wielandt's take: AI is a tool, not an adviser

Wielandt says some clients already use AI to review financial advice documents, identify gaps and prepare questions for their advisers. He welcomes it as a research tool and second opinion, but offers a warning:

"They do hallucinate."

Even Wielandt encounters AI-generated information that's plainly wrong. His message? Use AI to ask better questions, not to outsource your judgement, or heaven forbid, your entire investing strategy!

Other findings that caught our attention

Beyond the five major themes, the survey revealed several other interesting trends:

• Super contributions peak before retirement: 66% of those five to 10 years away intend to contribute more to super, compared with just 14% of retirees.
• Investors are largely sticking with their super funds: Around 76% intend to remain in their current investment option, while 13% plan to switch to a higher-growth option.
• Younger investors are tackling debt: 42% of those more than a decade from retirement intend to pay down their mortgage or other debt, compared with just 7% of retirees.
• Working longer is on the agenda: 41% of investors within five years of retirement are considering extending their working lives.
• Property has lost some appeal: Just 9% plan to increase exposure to residential investment property, compared with 17% for gold and other precious metals.

The ETF Whisperer's top picks: Look beyond the US, or risk it for the biscuit

With 63% of respondents chasing growth stocks, 57% seeking high-income shares and 42% looking to cash and term deposits, I couldn't let Australia's ETF Whisperer leave without asking how he'd invest across these asset classes.

For global growth, Wielandt favours the Vanguard All-World ex-US Shares Index ETF (ASX: VEU) over the iShares S&P 500 AUD Hedged ETF (ASX: IHVV), although both feature in his model portfolios.

"We are concerned about the US. We are concerned around their fiscal position, and we're concerned about concentration risk relating to the makeup of the S&P 500."

As a result, he allocates more to VEU than IHVV.

But for investors willing to take more risk, Wielandt has a higher-octane pick: the Munro Concentrated Global Growth Fund (ASX: MCGG), which holds 20–40 global growth companies and features in his wife's SMSF.

Below are his top picks, and you can watch the video for his full thesis on why he likes these ETFs.

ETF	Code	Investment focus
Vanguard All-World ex-US Shares Index ETF	ASX: VEU	Global growth ex-US
iShares S&P 500 AUD Hedged ETF	ASX: IHVV	US equities
Munro Concentrated Global Growth Fund	ASX: MCGG	Concentrated global growth
Vanguard Australian Shares High Yield ETF	ASX: VHY	ASX dividend income
Betashares Australian Cash Plus Active ETF	ASX: MMKT	Short-dated fixed income
Janus Henderson Tactical Income Active ETF	TMX: TACT	Diversified fixed income

A big thank you to our readers

As I wrap up the Retirement Series for the second time this year, a huge thank you to the more than 1,400 Livewire readers who completed our survey.

While my opening was tongue-in-cheek, your responses reminded me that retirement is about much more than becoming a millionaire.

Many of you expressed concerns about market crashes, job security and rising living costs. Others hoped to help their children financially, move closer to family or simply enjoy life with less financial stress - or know that you have ample liquidity for health expenses.

As my own parents enter their golden years, many of these concerns resonate with me. Just as many of you want to support your children, I want to help my parents enjoy a financially secure retirement.

Thank you for sharing your stories and helping shape this series. Congratulations to our prize winners! And as always, we'd love your feedback on what we could do better and what you'd like us to cover next.

As always, we'd love your feedback on what we could do better and what you'd like us to cover next. In the meantime, you can explore all the articles, interviews and investment ideas from the series at our Retirement Hub, or via the links below.

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Funds

Betashares vs VanEck: The battle to build the ultimate 5-ETF super portfolio

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Asset Allocation

7% yields and 4 income ideas: Where 2 fund managers are investing

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Asset Allocation

How Adam Dawes would invest $2 million for two very different retirees

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Education

3 key moves young Australians can make to have $1m more in retirement

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Education

Ask an Adviser: Can Michael, 52, and Sarah, 55, afford to wind back before 60?

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Education

Tired, divorced and broke - the bleak reality for some older Australians

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