A Decade Behind: Retirement Preparedness in Australia
A significant portion 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.
- 42% of global survey participants were under-prepared by 10 years or more.
- The Asia-Pacific region had a notably lower proportion of under-prepared individuals.
- By 2050, an estimated 3.67 million people globally are expected to reach 100.
The 10-year savings gap was revealed by comparing expected retirement savings duration against average life expectancy.
Author's summary: Many Australians face a significant retirement savings gap.
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