Recently released Life Expectancy Tables dated 30 October 2018 from the Australian Bureau of Statistics (ABS) paint a thought provoking picture for many Australians. For those who do not plan diligently for their retirement, their only hope might be that they do not live so long that they run out of money!
As summary of some key points from the 2018 ABS information are as follows:
Age 45: Males can expect to live on average for just under 37 years and females just over 40 years
Age 50: Males can expect to live on average for just over 32 years and females just under 36 years
Age 55: Males can expect to live on average for just under 28 years and females just over 31 years
Age 60: Males can expect to live on average for just over 23 years and females just under 27 years
Age 65: Males can expect to live on average for just over 19 years and females just over 22 years
Spend a few moments thinking about how much income you might need in retirement. Then have a think about how much superannuation you might need to survive retirement and how much you need to save to achieve it. Finally, click on the following link to run some numbers that are specific to you and make sure you think about investment fees as they can make a huge difference to your retirement outcome. For many, this task will prove useful and may hopefully spur you into action!
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Disclaimer: The information in this post is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. No representation is given, warranty made or responsibility taken about the accuracy, timeliness or completeness of the information and it must not be acted on. Because of this, we recommend you consider, with the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Past performance is not a reliable indicator of future returns.