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Cost for the preparation of a Post Retirement Report:
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Individuals who wish to have a post retirement standard of living greater than the safety net Age Pension need to fund this from private savings, especially superannuation assets. They face three major post retirement risks - longevity, market and inflation risk.

This report focus is on the first risk. While there is comprehensive information on average life expectancies, there are a number of approaches that can be used to manage the difficulty of not knowing what planning duration will be required for a specific individual. These include purchasing an annuity ie transferring the risk to a life company. A buffer approach (setting the payment duration to say age 100) is the second way to ensure that the danger of outliving personal assets is low. However both of these approaches tend to result in the individual having a lower standard of living in retirement than they should have. The third way is not to try and guess an unknown individual life expectancy but rather to set up a process that can manage all possible outcomes. For individuals surviving longer than average, some of the extra resource needed will be provided by more Age Pension than average. For those that survive each year the anticipated age at death slowly increases. This morph in the required planning duration over time can be covered by rebalancing the pension drawdown rate. Please see the Technical Paper for more details.