Increasing life expectancy highlights growing need for savings

Mozo

Wednesday 10 October 2012

The good news is that latest figures have shown Aussies are now living for longer, but the bad news is that we are finding it increasingly difficult to fund our retirement.

A new report published by the Australian Bureau of Statistics this week (October 9th) looked at the health and wellbeing of people down under.

It discovered that the average life expectancy has crept up over the past decade and a girl born in 2010 can expect to live to the age of 84, while boys are likely to reach 79.5 years.

Encouragingly, the research also suggested that Australians have seen their earning potential increase in recent years.

Although it is fantastic to learn that we are extending our lifespan, recent studies have shown that older Aussies are struggling to make ends meet.

In fact, leaders at CPA Australia stated last week that Australia is on the brink of a "retirement savings disaster".

The organisation found that many retirees are forced to spend their superannuation on settling outstanding debts and this reiterates the importance of having savings accounts in place from as young an age as possible.

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Increasing life expectancy highlights growing need for savings

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