The report says people who retire will receive fewer benefits over time. “We need products that provide a reliable source of income and reduce anxiety among older Australians. Women live three years longer than men on average, but our pension system does not take this difference into account,” says the Challenger Board Chairman Jeremy Cooper.
The expert is confident that the time has come if not for reforms, then for product design changes for future retirees. “It is clear that people are afraid to run out of their own money. This gives a signal to the market and state,” said the speaker.
“Australia has one of the best pension systems in the world, but Australian retirees still show a high level of concern that they will outlive their savings,” agrees John McCallum, the National Seniors Executive Director.
The speaker is confident that retirement annuities and contracts with pension funds should be improved, not forgetting to inform the public: "The obvious way to relieve anxiety among pensioners is to stabilize the system, introduce more convenient products and bring new information to every Australian."
Photos are from open sources.