With the first wave of Australia’s estimated 4 million baby boomers starting to retire the traditional retirement landscape has changed dramatically.

Of the retiring baby boomers 50% will spend at least 25 years in retirement .

People are now retiring younger, living longer and want more options. This change in attitude, coupled with recent super legislation transformation, makes it more important than ever to be pro-active to ensure income needs in retirement are addressed.

Modern retirement is now about enjoying a long, healthy and active period of time. With boomers living longer, some opting to retire early and others remaining employed beyond age 65, many of the traditional financial assumptions regarding retirement need to be re-examined.

While you need to plan for the 20 plus years of your retirement that you’ll be active and healthy, you also need to prepare to be financially secure for the later years in retirement. Despite some people’s thoughts that later retirement means less money, almost the opposite is true. Hip replacements, quality aged care and a decent hearing aid all cost money.

And now because the superannuation industry has just gone through one of its biggest reforms ever, Australians have the opportunity to optimise their retirement savings.

ASFA Clare, R ‘A less than super future’ 2005.

Australian Life Tables 2003-2005, Australian Bureau of Statistics

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