Retirement income quiz
When you understand what a lifetime annuity is, the benefits really add up. Take our quick quiz to see how much you know about retirement income and the role a lifetime annuity can play.
Q1. The average 65-year old underestimates their life expectancy by:
Sources of retirement income
Q4. Payments from the majority of account-based pensions will continue after the balance runs out:
Q7. A full entitlement to an Age Pension will cover the costs of a ‘modest retirement lifestyle’ (as defined by the Association of Superannuation Funds of Australia's Retirement Standard).
Just before you retire when the value of your super is at its highest and you begin to draw down on your savings
Comprehensive retirement income plans
Q10. When it comes to our knowledge and decision-making capabilities, research shows we tend to:
The benefits of guaranteed lifetime income
Q13. Even if I live to 100 years old or more, I will still receive payments from a lifetime annuity:
How did you do?
0-5 Questions correct (53% of people completing the quiz are in this category)
Like most people approaching, or in retirement, the changing and often confusing nature of the retirement income industry can seem quite daunting at first. However, investing just a small amount of time to learn about some of the fundamentals can really pay off today, or in the future. Our Guide to a confident retirement shows the first steps to doing this, and explains some of the more complicated parts of developing a comprehensive retirement income plan in plain English.
5-10 Questions correct (36% of people completing the quiz are in this category)
Whilst there's still a lot to learn about retirement income, you've got a solid grasp of the concepts and terminology used in the industry. Taking those last few steps to fully understand your retirement income could really make a difference. Our Guide to income in retirement goes into more detail about the topics these questions refer to, as we provide insights from our experts on how to make the most of your retirement income.
10-15 Questions correct (11% of people completing the quiz are in this category)
Congratulations, you are one of a small percentage of people who already understand a considerable amount about your retirement income and have no doubt already made significant steps to developing a comprehensive retirement income plan. If you would like to know what payments you could receive from a lifetime annuity to support your plan, use our payment tool to find out more.
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What is an annuity? Why would I need one? Find out everything you need to know about annuities here.
The rise of annuities in Australia
See why annuities are on the rise and whether they could be a good fit for you.
If you have reached Age Pension age you may be eligible for the Age Pension and other benefits.