future of retirement

Shifting Australian Demographics And The Future Of Retirement Solutions

Originally published by FS iTV, May 30, 2023

Our ageing population, coupled with the increased cost of living and persisting economic uncertainty, makes retirement planning increasingly complex, which in turn places pressure on product providers to ensure the appropriate solutions are at hand.

From a wealth transfer perspective, the idea that a person might need to fund upwards of three decades of their life is significant, Allianz Retire+ chief product and marketing officer Simon Aboud says. “What we see today is about $55 billion of funds transferring from accumulation into retirement, and that’s going to grow to about $200 billion by 2040,” he explains. This presents a very large and growing opportunity but with that comes challenges.

A large part of that challenge stems from the many uncertainties in retirement planning around how long you’re actually planning for, and also the fact that decisions made early on can have an impact later down the track. Successful financial planning starts with a clear understanding of the clients’ objectives, Aboud points out, adding that accumulation phase goals are typically much clearer cut. “But once someone makes that transition into retirement, the goal shifts and it becomes about how to secure certainty and reliable income over the long term. This requires a different set of products and solutions, and we haven’t seen as much innovation in this space in the last 30 years,” he says.

Allianz Retire+ is answering the call with Allianz Guaranteed Income for Life (AGILE), giving certainty with protected investment performance and a guaranteed lifetime income stream.

Find out more in the article. FS iTV

Any information on this website does not take into account your objectives, financial situation or needs. For personal financial advice please speak to your financial adviser. Products will be issued by Allianz Australia Life Insurance Limited, ABN 27 076 033 782, AFSL 296559. PIMCO Australia Pty Ltd, ABN 54 084 280 508, AFSL 246862, provides investment management and other support services to Allianz Australia Life Insurance Limited.

Allianz Retire+ is the business name of Allianz Australia Life Insurance Limited. By using this website you agree to access this Financial Services Guide.