Australian appetite for longevity products continues to grow



Australian accumulators and pre-retirees would invest on average at least 55% of their super savings in a longevity protection product according new research released today.

Retirement Solutions General Manager, Andrew Barnett, said the MLC Investment Trends Retirement Income Report, which draws on a nation-wide survey of 8300 Australians aged over 40, indicates that accumulators and pre-retirees intend to transfer 44% of their retirement savings into a retirement income product, of which 55% would be potentially protected.

“We’ve known for some time now that longevity risk is a real concern for retirees or those thinking about retirement. Australians understand that they are living longer and they need to make their money last as long as they live,” Mr Barnett said.

“Investing over half your savings may seem a little high to some, however, it’s not that surprising when you consider the need of many retirees to protect the money they’re relying on to live a comfortable retirement.”

The report also showed that 18% of accumulators and pre-retirees cited ‘income lasts for life, however long I live,’ as the single most important feature desired in a retirement product.

“Fortunately for many, there are now products available which have many of the features retirees are looking for including guaranteed income for life, while providing flexibility to access capital when required,” he added.

About MLC
MLC is part of National Australia Bank’s wealth management division. NAB is committed to providing investment, superannuation, insurance and financial advice to our corporate, institutional and retail customers. We have one of the largest financial planning networks in Australia, providing quality financial advice, insights and expertise through NAB Financial Planning, MLC Financial Planning, MLC Advice, Godfrey Pembroke, Garvan Financial Planning, Apogee Financial Planning and Meritum.



Related Articles

  • Half Year Results

Video: NAB CEO Andrew Irvine discusses 2024 Half Year Result

In this video interview NAB CEO Andrew Irvine reflects on NAB’s 2024 Half Year Results, economic conditions and the bank’s strategic direction.

  • 02.05.2024
  • Time to read 1 min read
  • Half Year Results

NAB announces 2024 Half Year Results

NAB has today released its 2024 Half Year Results to the market.

  • 02.05.2024
  • Time to read 1 min read
  • Executive Team

NAB Executive Leadership Team changes

National Australia Bank Group Chief Executive Officer Andrew Irvine has announced changes to NAB’s Executive Leadership Team.

  • 10.04.2024
  • Time to read 2 min read

Quick links

National Australia Bank — NAB

Sometimes When The Unexpected Happens, We Realise What We Truly Value. Whether A Home, Farm, Business Or Your Passion, NAB Is Here To Support You.

Business Research and Insights

For more business news and analysis, visit NAB’s Business Research and Insights.