Interesting Facts About Retirement

Given the financial demands of everyday life you can’t go past the facts about retirement.

Planning your retirement may be a relatively low priority. You may also think that you have plenty of time to plan. But before you put off planning for your retirement any longer, here are some key facts you should consider.

Your retirement could last 30 years or more

A male currently aged 65 has a future life expectancy of 19.7 years and for females currently aged 65 it’s 22.3 years[1]. But these are just the averages facts about retirement and they are increasing steadily. As these trends continue, your retirement could stretch to three decades, or maybe even longer.

You shouldn’t rely on the age pension

The full single rate age pension only provides around 27%[2] of full-time adult average weekly earnings. What’s more, qualifying for the age pension may become more difficult in the future, given our population is ageing.

You shouldn’t rely on an inheritance

Your parents may end up spending all their savings and may even need to downsize their home to help make ends meet. So, if you’re relying on an inheritance to fund your retirement, you could be disappointed.

You might not have enough super either

With some of your money going into super through compulsory employer contributions, you’re off to a good start. But assume that those employer compulsory contributions will mean you have enough super to get you through your retirement and you could be in for a nasty surprise. Research conducted by Rice Warner Actuaries revealed that Australia has a shortfall in super of close to $1 trillion[3], which means many Australians may not have enough super to fund their retirement.

With the demands on personal resources continually growing, it is critical to at least review your retirement planning. Craig at HQB Financial solutions is an expert on retirement funding. Give Craig a call on (02) 66993649 or contact here

[1] Australian Bureau of Statistics, Life tables, States, Territories and Australia 2015-2017.

[2] Australian Bureau of Statistics, Average weekly earnings, Australia, May 2018

[3] Rice Warner Savings Gap at 30 June 2014.

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Facts about retirement

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