It’s important to understand how long your savings need to last for, on average, in retirement. This will help you to plan accordingly, and ensure you don’t either run out of money later in life or that you don’t spend as much as you can afford to.
||Many Australians will spend at least 25 years in retirement. This increasing amount of time requires careful thought about whether your savings will last the distance. One way to help this is by investing in a lifetime annuity, which will pay you a regular income for life, regardless of how long you live, helping to give peace of mind in retirement.
Speak to your financial adviser or call us on 13 35 66 to find out how to include regular lifetime income into your plan.
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1 National Seniors Australia (2014), How realistic are senior Australians’ retirement plans?
2 Australian Bureau of Statistics, Australian Historical Population Statistics, 2019
3 Australian Life Tables 2015-17 with 25-year mortality improvement factors from the Australian Government Actuary
4 Challenger estimates calculated using Australian Life Tables 2015-17 with 25-year mortality improvement factors from the Australian Government Actuary for a 66-year old couple