Achieving a comfortable retirement

Doing what you most want in your later years means taking regular, active steps to look after your financial health.

Many women dream of a retirement where they can kick back and relax, do whatever they like and be free from the demands of others – actually focusing on caring for themselves. But this step often means being free from financial worries or concerns and for a large proportion of women, the prospect of a comfortable retirement can seem elusive. Especially when you do the sums.

The latest Intergenerational Report predicts the number of Australians aged 65 and over is likely to more than double by 2055 compared to today – and there could be as many as 40,000 people aged 100 and over by 2055. There were only 122 Australian centenarians forty years ago. Both male and female average life expectancies will jump significantly, with males at birth expected to live for 95.1 years and females for 96.6 yearsⁱ.

While the prospect of a longer life is great news, the rub is that we’ll need to find extra money to fund lengthier retirements. Pauline Vamos, CEO of peak superannuation industry association, ASFA, says this issue is particularly important for women, who are expected to live longer, “yet are retiring with around half as much superannuation as men”.

While the prospect of a longer life is great news, the rub is that we’ll need to find extra money to fund lengthier retirements. Read the full article now: Achieving a comfortable retirement.

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