Retirement planning – will you outlive your savings?

Retirement PlanningAs you think about your retirement planning, here’s the good news: there’s a great chance you will live longer than you think you will! The results of a UK survey show a strong tendency amongst retirees to underestimate how long they believe they will live. So, for instance, respondents thought that of 10 men in good health at age 65, only two of those would live to the age of 90. In reality, that number is closer to four – and rising.

That has to be good news doesn’t it?

Well yes, to a point. The good news starts to lose its shine when we look at the typical retiree’s financial situation.

Many Australians don’t allow enough savings for retirement

The reality, according to a report released just this month by National Seniors Australia, is that the retirement planning of around a quarter of Australians doesn’t sufficiently allow for their finances to last as long as they’ll need to.

There are some – quite a lot, in fact – whose retirement savings are insufficient from the outset. Another UK survey suggests that 67% of people are ‘somewhat or very likely to work part-time in retirement’. There’s no reason to think this number would be significantly different in Australia.

And then there are those who have carefully planned their retirement savings using some questionable assumptions.

First there are those, as mentioned, who underestimate how long they will live, and therefore how long their savings need to last.

Then there are those whose retirement planning fails to factor in likely higher costs of living in later life. According to National Seniors, 61% of retirees plan to spend a steady amount throughout their retirement.  Thirty-six per cent plan to spend more in the early years of their retirement in later life. Both these groups underestimate the potentially high costs of their care in later life.

Retirement Planning 1Having clarity about the real cost of living is important

Quoted on the IFA magazine website, National Seniors’ research director Professor John McCallum warns that many retirees need to be clearer about how their plans align with likely reality. “Medical and aged care bills tend to get higher as we get older and few people are ready for this”.

The overall message of all this is that professional guidance is always a good idea. This is the case even if you think you have plenty of savings to protect your future. At the very least every retiree should have someone with ‘distance’ from their situation who is willing to give them a reality check.

Comprehensive analytics and research

We invest a great deal of time and effort researching the best tax effective investment strategies for our clients. We have developed a number of systems to manage and track the marketplace.

The investment landscape always evolves and it is more important than ever to consider your investments and superannuation funds carefully. We pride ourselves on being experts in researching opportunities, investments and strategies that fit in with your retirement goals. We want, our clients to get on with enjoying their life rather than worrying about money.

For an obligation free conversation about your financial future, please contact us on 03 9603 0072 or at

Phillip Richards and Robert Rich
Endorphin Wealth Management

Financial Advisor Phillip RichardsPhillip Richards is a qualified Financial Advisor with over ten years’ experience. Contact Phillip today to discuss how you can build your own wealth and plan to reach your retirement goals.



Financial Advisor Robert RichRobert Rich is a qualified Financial Advisor with over nine years of personal investment experience. Contact Robert today to discuss how you can build your own wealth and plan to reach your retirement goals.



John TheodorakopoulosJohn Theodorakopoulos is a qualified Associate Wealth Advisor with over three years of personal investment experience. Contact John today to discuss how you can build your own wealth and plan to reach your retirement goals.



This information is general in nature and does not take your personal situation into account.

Contact Us for quality financial advice so you can feel good about your future.

What our Clients Say

  • Robert Rich is a gun and has been a pleasure to work with, he spent a lot of time asking questions and listening to both my husband and I to get a deep understanding of our current financial situation of who we are and where we want to be. His advice has been comprehensive and easy to understand. The genuine interest and enthusiasm he has demonstrated has made the whole experience to date, fun and engaging (it has also been awesome to see some great financial results!). Rob is a great communicator and is always available to chat, meet up or respond to an email. We wish we had seen Rob earlier, and plan to have him as our advisor now and into the future, I have and will continue to recommend him and his services.

    - Ellen Bond

  • Rob has been fantastic helping us set all our financials in order. We didn't want to have to worry about any of this stuff day to day. Rob put together a set and forget strategy that will see us in good shape for the future. Good guy, good advice, great help. Thanks again Rob

    - Andy Wright

  • My husband and I had a wonderful experience with Rob. He is genuine and honest. He has done amazing things with our finances to ensure our future is set up the right way. He has gone above and beyond our expectations. I highly recommend Rob, he is an expert in his field.

    - Anthea Husing

  • love working with Robert. He is highly skilled, practical and empathic. Nothing is a problem and he goes ‘above and beyond’. I have no hesitation in recommending Robert as an excellent financial advisor.

    - Rebecca Carter

  • Robert has managed our finances over the last 12 months as if they were his own. He has an eye for detail and is incredibly enthusiastic. We have recommended him to all our friends & family.

    - A. Miles

  • Rob has handled our finances for some time now. He provided us with sound advice and options. I highly recommend his services.

    - Mathew Quinton

  • Robert Rich provided me excellent financial advice and assistance in finding the right insurance for me. He was incredibly patient, and I'd recommend him without hesitation.

    - Edward Murrell

  • Rob has been helping me with my finances for just over 12 months now and i couldn't be happy, he is a wealth of knowledge and is amazing at what he does.

    - Paul Scott Ray White

  • Phillip and the team provide quality advice. They carefully explain the available options and clearly set the client's interests as the priority.

    - Jon Sutton

  • Rob has provided fantastic advise and clarity to myself and clients

    - James Ruddick

  • Great guys! Amazing financial advice.

    - Jay Boston

  • I cannot say enough about their professional manner and would highly recommend anyone I know to seek their services

    - Heather B

  • Your knowledge of the financial market is up to date and your approach to my portfolio has been proactive

    - Michael S

  • Thanks to Endorphin, I am now on the path to that dream of mine

    - Jake F

  • The plan has definitely made a big difference to my lifestyle

    - Josie W

  • It has been quite exciting and very comforting to have Endorphin looking after my financial future

    - Susan A

  • They provided me with a sense of direction and security that I did not have previously

    - Michelle C