A Decade Behind: Retirement Preparedness in Australia
A significant proportion of Australians are underprepared for retirement, with 29% of those aged 50 and over facing a savings gap of more than 10 years against average life expectancy.
According to Fidelity's report, The Longevity Revolution: Preparing for a New Reality, there is a growing need for a rethink on retirement preparation due to increasing life expectancy.
- The report is based on global research across 13 markets and surveys of over 11,800 participants aged 50 and over.
- A 10-year savings gap was identified by comparing expected retirement savings duration to average life expectancy in each location.
- Globally, 42% of those surveyed were under-prepared by 10 years or more, although the proportion was lower in Asia-Pacific (APAC).
By 2050, an estimated 3.67 million people globally are expected to reach 100.
Author's summary: Many Australians are underprepared for retirement, highlighting a need for urgent action.
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