According to the Australian Bureau of Statistics, the average retirement age is 63 years. Therefore, most of the country's inhabitants will spend at least 25 years on well-deserved rest.
“This means that we should think about savings at a young age. Approximately 50% of Australians did not choose retirement time. Elderly people were either fired or they had health problems that prevented them from fulfilling their duties,” the article says.
According to the Pension Fund Association of Australia, single people will need 545,000 Australian dollars of retirement savings, and couples - 640,000 dollars to ensure a comfortable retirement.
“The search for safe and stable consumption of pension savings throughout life is a priority for most pensioners. Life annuity is one of the ways to do this, it provides guaranteed payments. Annuities can give you peace of mind and confidence in the future, as they are protected from losses in the stock market,” the Sydney Morning Herald believes.