Most people have a few simple objectives when they retire – to continue to live in they way they are accustomed, to maintain their health as best they can and to leave something behind for their family. The amount committed to each of these objectives depends on your priorities and resources, including any government assistance.
How ready are you for retirement? It could last 30 years or more.
A male currently aged 65 has a future life expectancy of 19 years and for females currently aged 65 it’s 22 years. These are just the averages and they are increasing steadily. As these trends continue, your retirement could stretch to three decades, or maybe even longer.
You might not be able to rely on the age pension.
The full single rate age pension only provides around 25% of average weekly male earnings. What’s more, qualifying for the age pension may become more difficult in the future, given our ageing population.