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None of us know how long we’ll live. That’s why one of the most significant risks in retirement planning is the risk of outliving your savings – also known as longevity risk.
The average life expectancy at birth for men in Australia is 81 years and women in Australia, on average, can expect to live to 85.1 But what happens if you live well beyond life expectancy? How can you be better prepared for longevity risk?
When planning your investments for retirement, here are a couple of strategies to keep in mind that may help.
Diversify your investments
Investing across different types of investments and asset classes – shares, bonds, property, for example – may help spread the risk of rises and falls in the value of the investments. Shares, for instance, offer much higher growth potential than an investment in bonds, but they also have a higher risk of falling in value. Diversification may help your money go the distance.
Inflation protection
Over time, inflation can erode the purchasing power of your money. What you can buy with $100 today, for example, is much less than what you could 20 years ago. To help protect your money from the longer-term effects of inflation, you might consider investing in investment products that are indexed to inflation. Some annuities, for example, can provide a guaranteed income for life, mitigating the risk of outliving your savings. Fixed annuities offer predictable income, while inflation protected or index-linked annuities adjust payments according to inflation, helping to maintain your purchasing power over time.
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What you need to know
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
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