Ageing in Retirement

Ageing in Retirement

Ageing in Retirement 1200 900 Integral Private Wealth


Australians, and people around the globe, are living longer than ever before due to an increased awareness and understanding of the factors that influence our life span, such as genetics, health care, workplace health and wellness, hygiene, diet and nutrition, exercise, and lifestyle.

According to the latest statistics available from the Australian Bureau of Statistics*, a 65 year old Australian could on average expect to live until age 84.6 (male) or age 87.3 (female). In a retirement context, that’s an expected 19.6 years (male) and/or 22.3 years (female) that needs to be appropriately planned for as a single or couple.

However, it’s important to note that there are many factors, such as the ones listed above and how they relate specifically to an individual, which could see someone live above (or below) these quoted average life expectancies.

Retirement Chapters

For many of us, we often imagine retirement as that chapter in our life when we can finally kick back and enjoy the fruits of our labours, which we worked so hard to accumulate. For example, we plan to make the most of the time and resources that we now have at our disposal by doing and seeing the things that may not have been possible earlier in life for one reason or another (e.g. due to personal and/or work-related constraints).

Moving Forward

Whilst retirement is something to look forward to (and be enjoyed), it’s important to understand that there will come a time in your retirement years when your age will start to get the better of your mental and/or physical health, which will have a range of implications as seen above.
By understanding this, you will have a more informed expectation of what retirement may actually entail for you and be able to appropriately plan for it, especially in several relevant areas of your personal finances.

*Australian Government, Australian Bureau of Statistics. Life Tables, States, Territories and Australia, 2014-2016.
^Australian Government, Productivity Commission. (2015). Housing Decisions of Older Australians.
#Rice Warner. (2014). Investing for different phases of retirement.
*#Australian Government, Australian Institute of Health and Welfare. (2014). Healthy life expectancy in Australia: patterns and trends 1998 to 2012.

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