Australians are living longer, with men and women alike enjoying a life expectancy beyond their eightieth birthday1.
According to the United Nations, we now have the third highest male and female combined life expectancy in the world, behind only Japan and Switzerland2.
It’s great news for all of us hoping to enjoy life’s pleasures and passions during a long and healthy retirement. Provided we’re prepared for it, because we’re not just living longer, but getting older – the median age (when half the population is older and half is younger) of the Australian population has increased by three years over the last two decades, from 34 years at 30 June 1996 to 37 years at 30 June 20163.
Such gains in health and longevity have a potential knock-on effect for how long we might need to work, how our Government supports older Australians and how much we might personally need to save to support ourselves; issues that need careful consideration and thorough planning.
Recently, we asked Shane Oliver to share his thoughts on retirement, and the implications of an ageing population, with our employees and we thought his views were too good not to share. Watch the video above.
[1] AMP.NATSEM, Going the distance…working longer, living healthier, page 3
[2] Australian Bureau of Statistics, 3302.0.55.001 - Life Tables, States, Territories and Australia, 2014-2016, paragraph 7
[3] Australian Bureau of Statistics, 3101.0 - Australian Demographic Statistics, Jun 2016, paragraph 2
