A long life is something to celebrate, and figures from the OECD show Australians enjoy one of the highest life expectancies in the world. Even better, our life expectancy is rising and is expected to increase well into our 90s over the next four decades. But living longer also raises questions about how we will fund a retirement that could span one-quarter of our life.
Retiring early is a goal for many Australians, and a 2015 report by AMP/NATSEM found the average age for retirement is currently 63 years for men and 60 for women.
The government has announced changes to three key 2016 Federal Budget proposals—the most significant being that it would not go forward with its proposal to introduce a $500,000 lifetime cap on non-concessional (after-tax) super contributions.