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How Long Will You Live? The Surprising Truth About Australia’s Life Expectancy
Here’s the big news: Australians are living longer than ever! But what does that mean for your retirement? The Australian Life Tables, updated every five years, provide a snapshot of longevity trends—and they highlight an important challenge: uncertainty.
The Pandemic’s Effect
While life expectancy has continued to rise over the decades, COVID-19 caused a temporary dip. It’s a reminder of how variable things can be, but also how resilient our health system and society can be in bouncing back.
What This Means For Your Retirement
As life expectancy increases, it’s essential to consider the future. If you’re planning for retirement, don’t assume you’ll need just 20 years of savings—many Australians will spend 30 years or more in retirement. But here’s the challenge: some retirees do pass away early, while others will outlive the average by decades. The uncertainty makes it daunting to know exactly how long any individual’s savings will need to stretch.
The growing awareness of this problem has made it essential to have good support to help retirees make informed decisions. That’s why SMSF Connect offers a free lifespan calculator—helping you explore your potential lifespan based on how confident you wish to be. So far, over 600 people have used it to get a clearer perspective of their future.
How Super Funds Are Changing the Game
The Australian Government is nudging super funds to do more to help retirees feel confident about their financial future. Super funds will need to:
- Help retirees maximise their retirement income while managing risks and keeping some flexibility e.g. for unexpected costs.
- Understand what different groups of members need in retirement and provide tailored products to deliver better outcomes for each group
- Offer clear, easy-to-understand guidance, such as income estimates at key ages, to support each group with informed decision-making.
- Make accessing financial advice easier and more affordable, so that retirees can plan with confidence.
These developments are expected to take further shape over the next couple of years.
Curious about how long you might live—and how to plan for it? Try our free lifespan calculator today: https://smsfconnect.com/lifespan-calculator
Disclaimer
This is a model, not a prediction. The tool does not take into account all your circumstances and has certain limitations which may impact the results. No calculator can predict your lifespan with certainty as this will depend on your personal circumstances as well as things outside your control such as disease, accidents and luck.
Do not rely solely on this calculator to make decisions about your retirement. It does not take into account your financial situation or your broader circumstances. Click here for the full disclaimer.
It is important you speak to an accredited SMSF Specialist to seek independent advice tailored to your personal needs, objectives and financial circumstances. To speak with an accredited SMSF Specialist in your areas, click here to Find a Specialist .