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Will your money last as long as you do?
Will your money last as long as you do?
You may live longer than you think. Before you retire and give up the regular income you get from your job, you should think about your life expectancy.
Your life expectancy
Table 1: Life expectancies at 2005- 07
 | Current age | Age expected to live to |
| Women | 55 | 85.5 |
60 | 86 |
65 | 86.6 |
| Men | 55 | 82 |
60 | 82 |
65 | 83.5 |
Source: Australian Government Actuary, 2005-07 Australian Life Tables
You'll see from table 1, for example, that a 55 year-old woman has a life expectancy of a bit more than 30 years, giving a total life expectancy of 85.5 years.
Your life expectancy is not certain. Some people will die before they reach their life expectancy, but many will live past it. The younger you are, the greater the probability that you will survive beyond your life expectancy.
You should also keep in mind that life expectancies should continue to improve, as they have over the last century. For example, based on the 2005-07 Life Tables, men at age 65 could expect to live more than five years longer than compared with the 1960-62 Life Tables.
For more information about the Australian Life Tables read the Australian Government Actuary's full report available at www.aga.gov.au 
.
What does this mean for your retirement plans?
If you're concerned about how you'll support yourself, review your retirement plans, and consider these possibilities:
- Postpone your retirement for a few years. Use the FIDO super calculator to see how even a few years more of making contributions can really boost your retirement nest egg.
- Work part-time and make a slower transition to retirement. The rules on super may allow you to work part-time and draw on some of your super if you need to.
- Remember the government age pension and other benefits.
- The longer you keep your money invested, the more money you're likely to save and the longer it's likely to last.
Related links:
FIDO has more information about retirement planning
FIDO has more information about retirement income products
FIDO Website: Printed 09/10/2010
