In this report, co-authored by National Seniors Australia and Challenger, the retirement plans of senior Australians are examined, in particular their understanding about their own life expectancy, likely spending patterns in retirement and plans to cover future aged care costs.
The study, based on a survey of 2,000 Australians aged 50 years and over, finds that seniors under-estimate their own likely longevity when compared with actuarial estimates.
Furthermore, only a minority of seniors base their estimates of life expectancy on professional sources of information.
The report concludes that there is considerable scope for further education of people to better understand their likely life expectancy and to assist in budgeting for their retirement.
Download the full report below.