I had no idea where my lost super was or the names of the funds. I just new it was scattered everywhere and I should definitely have more than $3,000 in my super. Australian Super Finder found all 7 of my funds and now my balance is almost $50,000. Thank you so much for getting my super back on track. ? Leonie, Thomastown VIC

Super Facts and Tips

Life Expectancy: Will You Outlive Your Retirement Cost Savings?

Every five years, the latest update that is usually released is lifespan, that is, the number of years you're expected to live.

Note: The Australian Government Actuary released updated life span tables in December 2014. The next batch of official information on life span will be released in 2019.

The Liberal government has revealed that it will be actively motivating ingenious retirement items to make sure that Australians have alternatives to "better handle the financial obstacles they will be facing during retirement, like market threat, inflation risks, and risks that involve outliving the retirement savings." The Liberals are describing retirement items that give sure-fire earnings or modified items where some income is ensured while the balance of the item is market-linked.

In the Intergenerational Report of 2015, the government mentioned that it is also thinking about "enhancing method by which the super system changes cost savings towards retirement income."

At the moment, annuities are the only product type providing a guaranteed income stream for retirement, unless you have enough luck to be the recipient of a specified benefit pension, paid from a huge corporate super fund or public sector fund. You can find more information about annuities in the Australian Super Finder knowledge base.

Keep in mind: As part of the 2016 Federal Budget, the Coalition government revealed that from July 1, 2017, the tax exemption on profits in the retirement stage will be extended to products such as postponed lifetime annuities and group self-annihilation products.

The Longevity Danger

The threat of outlasting your retirement cost savings is also known as 'longevity danger.' Now that super funds, fund managers, and other financial service providers have endured the GFC (although the recent volatility on world sharemarkets continues to be a distraction), a constant concern of the super industry is 'adequacy', that is, the concern that Australians will undoubtedly outlive their retirement savings.

Okay, the industry is quite obsessed with the increase and rise of self-managed super funds (SMSFs), the call for more independent directors on super fund trustee boards, the misbehaviour of financial consultants connected with significant financial organisations, and the noticeable irregularities in equities (shares), in particular, Australian equities, by the majority of super funds.

Even so, the primary concern seems to be the threat of Australians losing cash in retirement and relying entirely on the Age Pension.

A little key detail in any retirement plan is a guesstimate on your expected life span-- your life span. Anyone saving for retirement wants to save sufficient cash to at least last their lifetime, at their preferred level of income Australians likewise wish to leave money to family members after they pass away.

If you think this information is important to you, then you may be happy to know that you can find more related information at www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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