As predicted Australia's population is ageing, and living longer. The new Census results have shown that the population of Australia aged 85 years and over has grown a staggering 62% in a decade. This is compared to a total population growth of 11.84% over the same period.
Those in the age bracket of 85 years and over today make up 1.63% of the population or 322,848 people, up from 262,689 at the 2001 Census, and 199,253 in 1996.
“This ageing population has been predicted by economists and sociologists, and has the potential to seriously impact on Australia’s social security, retirement planning and policy frameworks. While it’s great people are enjoying good health well into their 80s, longevity brings with it new financial considerations in the later stages of retirement” said Louise Biti, Asteron Head of Technical Services.
This group of Australians - coined ‘Generation L’ by Asteron (L for Longevity) - are a growing number of Australians who are fortunate enough to enjoy a long life, but are prone to the consequences of outliving their retirement savings.
In August 2006, Asteron released a longevity income stream specifically developed to meet the income needs of those people.
Called the Asteron Longevity Income Stream (ALIS), the product is the result of intensive research and development by Asteron investigating the needs of a growing number of Australians, dubbed ‘Generation L’.
“The Asteron Longevity Income Stream (ALIS) is specifically designed to complement existing retirement strategies such as allocated pensions. The ALIS is designed to kick in at the time when other retirement strategies are running out - at around age 85 - and pays an income to the client for the remainder of their life - no matter how long they live.
“The latest Census figures only further prove the need for government and industry to consider the financial needs of this growing generation. And it is important for retirees to seriously consider their own longevity and plan for it. Traditional ideas of living until we are 75 fall well short of the mark” said Louise Biti.
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Asteron Life & Superannuation Limited ABN 87 073 979 530, AFSL 229880 (Asteron) is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). Suncorp Portfolio Services Limited ABN 61 063 427 958, AFSL 237905, RSE Licence No L0002059 (SPSL or Trustee) is part of the Suncorp group of companies (Suncorp). SPSL is a related body corporate of Suncorp Group Limited ABN 66 145 290 124 and Suncorp-Metway Limited ABN 66 010 831 722 (Suncorp Bank) (Suncorp). This product is not a bank deposit or other bank liability of the Suncorp Bank. The obligations of the different entities of TAL and Suncorp are not guaranteed by other entities