Australia’s Longevity Tsunami – What Should We Do?
The Actuaries Institute released the White Paper, Australia’s Longevity Tsunami What Should We Do? provides holistic actuarial analysis of the Australian retirement incomes system and proposes a number of policy levers available to the government in addressing the problem, including modifying the Age Pension, superannuation and tax systems to ensure a more financially secure future for retirees.
Australia is experiencing a major demographic and societal transformation. By 2050, almost a quarter of the population will be aged over 65 compared to 14% now. Australians are already one of the longest lived populations on the planet, and our longevity is steadily improving.
What can policy-makers do to protect Australians against the risk that we have underestimated future life expectancies? In this White Paper, the Actuaries Institute is contributing to the debate on this Longevity Tsunami, by identifying the issues that should be on the table when the Government is developing retirement incomes policy.