Australia is facing a longevity tsunami. No longer are we retiring in our sixties, taking a few holidays and shuffling off the mortal coil. Many of us will live well into our nineties and beyond. (See Can you afford to live to 104? for the implications for your retirement savings)
It’s inconvenient for politicians, who’ve spent decades promising age pension cheques their fiscal competence can’t cash. But, together with sharemarket volatility during the GFC, it's been a boon for those selling lifetime annuities.