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How Long Will You Live?

Posted by Naomi Rosenthal on Wednesday, November 13, 2013 Under: Financial Planning

A few people I talk to say to me "I'm not planning to live that long" when considering the average life expectancy.

Most people tend to underestimate just how long they'll live. The average life expectancy has increased substantially in recent years and if you're 65 today, it's likely you'll be alive well in your 90s.

The problem is, it's just an average.

To have confidence your money will last the distance you will need a substantial amount of savings.  Retirement can be more expensive than you think.

The Age Pension can provide you with some income, but it probably won't be enough to support your desired lifestyle. You will need to consider investment solutions that can provide you with an income for the rest of your life.

Living a long time means there's a good chance that your cost of living (and the purchasing power of your savings) will be affected by inflation over the long term.

How much will you need?

You can pop over to The ASFA Retirement Standard and find out how much income you’ll need in retirement. For a couple living in NSW and wanting a comfortable lifestyle, you’ll require approximately $57,125 every year. This assumes that you own your own home outright and you’re relatively healthy.


Estimating a realistic life expectancy needs to take into account lifestyle factors, family history, current age, gender and the positive impact of medical and lifestyle improvements.

If you are nearing retirement, to ensure you have a comfortable lifestyle throughout your retirement, we can assist you to consider:

·         your budget in retirement, including how to identify essential costs and desirable costs

·         how to structure your investments so that you’ll have secure income to pay for the essentials and other income for a comfortable lifestyle

·         whether you can improve your social security entitlements by using different investments

If you are still a fair way from retirement, we can help you maximise superannuation opportunities without sacrificing your current lifestyle. Call us today on 02 9417 6011.

In : Financial Planning 

Tags: superannuation retirement longevity "retirement standard" "superannuation australia" annuities pension "age pension" "social security" lifestyle 

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