The Problem - Australia Is Not Ready for Retirement

Australia is facing a retirement and ageing challenge that extends far beyond money.

Around 20,000 Australians reach retirement age each month. Yet many approach this major life transition without adequate preparation: insufficient savings, no holistic action planning, limited access to financial advice, little consideration of aged care, and missing essential legal documents such as wills, powers of attorney and advance care directives.

We are preparing Australians financially for retirement, but not adequately preparing them for later life.

The consequences are significant. Individuals and families face avoidable, difficult decisions under pressure, financial uncertainty, family conflict, social isolation and declining wellbeing. Governments and communities also bear the cost when inadequate preparation contributes to crisis-driven health care, aged care and social support needs.

Why does this persist?

Our institutions, systems and processes have not kept pace with an ageing population, longer lives and changing employment patterns. Retirement is still too often treated as a financial milestone rather than a profound transition involving identity, purpose, relationships, health, lifestyle and future care.

Meanwhile, people struggle to know where to start. Information is fragmented, choices are overwhelming, trust can be lacking, and professional advice may feel inaccessible or unaffordable.

The fundamental problem is the gap between reaching retirement and being ready for life beyond work. Australians need clearer guidance and a more coordinated approach to preparing for the financial, practical and personal realities of later life, ideally before a crisis forces their hand.