The growing opportunity in retirement advice Retirees need support now more than ever The number of Australians 85 and over is expected to grow 35% by 20291. In fact, an Australian who is 65 today, has a good chance of living well into their 90s2. Whilst it’s clear this means addressing the financial needs of Australian retirees to fund their retirements for longer, advisers also play a key role in supporting retirees to manage complex decisions at a time when they are potentially more risk averse and less confident3.
By 2030, our super savings mountain is expected to double in size from $2.6 trillion to around $5 trillion4. Over that period, something in the order of $1,200bn of super savings will move into the retirement phase.5
1 Department of Health – 2018/19 Report on the operation of the Aged Care Act 1997 2 https://www.challenger.com.au/personal/retirement-income/retirement-risks/living-longer 3 Core data – Challenger customer and prospect quantitative research presentation, June 2018 4 Rice Warner Superannuation Market Projections Report 2017 from Challenger Position Paper: Retirement really is different, April 2018 5 Rice Warner Superannuation Market Projections Report 2017, sum of flows June 2020 to June 2030 (in 2017 dollars). See Challenger Position Paper: Retirement really is different, April 2018
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