What If Retirement Was 30 Years Long?
It think its a lovely notion to entertain the idea of enjoying a long retirement, but the truth is that from a financial point of view, most people underestimate the length of time they will live and the funds they might need to make it comfortable.
Stat from ABS in 2017 tell us that the average age at retirement from the labour force for persons aged 45 years and over in 2016–17 was 55.3 years (58.8 years for men and 52.3 years for women).
Perhaps you thought it was higher….maybe for some it is.
But here’s the thing, even if the stats are skewed, there is no doubt that people are living longer.
According to other stats, the average age of death in Australia is 82.4 years old.
So for women that could mean an average of 30 years in retirement and just slightly less for men.
That’s a lot of money you need to carry you for that long without working.
And now I am about to say something controversial; I personally don’t believe that superannuation by itself will cut it. I think the average person needs more than managed funds and shares.
If this resonates, then I am more than happy to chat further. If you disagree…power to you…you’d be in the minority.
Here’s to your freedom.
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