Malavika Santhebennur of Money Management reports recent statistics that shows men need to prepare for 21 years retirement, and women 24 years, with one third of current 65 year-olds expected to live beyond 90.
“Australians need to prepare for at least two decades in retirement in view of the Australian Bureau of Statistics’ (ABS) projected increased life expectancy, the Actuaries Institute has warned. The Institute said men over 65 now will need to prepare for 21 years of retirement and women will need to prepare for 24 years of retirement. The ABS projected life expectancy at birth age for men of 79.9 and 84.3 for women. But the Institute predicts those who are already 65 can expect to live longer, as longevity improves. It said the average life expectancy for men aged 65 will be 86 while it is 89 for women. The Institute predicts one in three current 65-year-olds will live past 90 and one in five will live past 95….The Institute released a white paper in September 2012, which emphasised the need for urgent retirement policy reform as life expectancy increases…. Click to READ MORE
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