Aussies believe they will need more than $1m to retire

is high, making it tough for many of us to make ends meet right now, let alone prepare for the years to come.

Nearly two-thirds of respondents think they will need upwards of $750,000 to retire, with 45 per cent believing they will need more than $1 million. Meanwhile, the Australian Institute of Health and Welfare reports an Australian boy born in 2015–2017 can now expect to live to the age of 80.5 years while a girl would be expected to reach 84.6 years, making Australia one of the top nations for life expectancy in the world.

“What is becoming clear is that we are all living longer and with that longevity comes the risk you will outlive your savings, and with the uncertainty of aged care in Australia, who will look after you when you hit 85?”For example, most Baby Boomers started their careers before superannuation was compulsory, although those that bought property have probably grown their wealth through the real estate boom.

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