Wealth Creation
Life expectancy in Australia is currently 79 years for males and 84 years for females, but the chances of living to 90 years or older is on the rise.
After 20 years of retirement, over 85% of the current population of retirees are dependent upon the full or part Age Pension. The same research tells us that only 26% of retirees at age 65 are receiving the full Age Pension. This means people are outliving their retirement savings.
When you consider that the Age Pension is only around 25% of total average weekly earnings for a male, it means that wealth creation is more important than ever before, particularly if you want to live the kind of life in retirement that you’ve always dreamt of.
Source: Rice Warner Actuaries and MLC analysis
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