Unless living longer runs in the family, most people tend to underestimate just how long they'll live.
Many Australians are living longer due to improvements in medical care and living standards. The average life expectancy has risen substantially in recent years and continues to increase, particularly for people over the age of 65.
If you're 65 today, there's a good chance you'll live well into your 90s.
To have confidence your money will last the distance you will need a substantial amount of savings. Retirement can be more expensive than you think.
The Age Pension can provide you with some income, but it probably won't be enough to support your desired lifestyle. You will need to consider investment solutions that can provide you with an income for the rest of your life.
Living a long time means there's a good chance that your cost of living (and the purchasing power of your savings) will be affected by inflation over the long term.