By statistical measure, Australians ought to pop open a bottle of champagne and make a toast to their health. Figures from the Australian Bureau of Statistics show that male life expectancy is currently 80.1 years, while women can expect to live to 84.3.
This will have a major effect on Australians' savings accounts, as future retirees will need to save more to fuel the increasingly larger period of time that they won't be working - along with those unexpected strains to their pockets. But retirees will also need to factor in the rising cost of living as they age.
"Retirees often have less flexibility in their budgets, which means policy changes that increase the cost of non-discretionary items, such as electricity or fuel, may mean they have to cut back in other areas, and lower their standard of living," said Association Superannuation Funds of Australia CEO Pauline Vamos in a statement.
Once you've got your savings account into order and planned your retirement, you may want to consider these three locations as options.
The Sunshine Coast
You could make these your golden years by waking up every morning to the invigorating kiss of the sun. Not only does its many kilometres of coastline make for a beautiful sight every day, the Sunshine Coast is also filled with a ceaseless cavalcade of events and activities that will ensure you're never bored. You could take a cruise around its beautiful shores, discover the heritage of the area through its numerous museums or visit its dozens of art galleries. It's even more affordable than you think. When housing was excluded, the Queensland Government Statisticians' Office (QGSO) found that the Sunshine Coast was 7.1 percent cheaper than Brisbane in a 2013 report.
Though Toowoomba is generally forgotten about next to its bigger brother Brisbane, the city has a lot of advantages for retirees, particularly if you happen to be looking for something on the quieter and more affordable side. The QGSO consistently placed it as one of the cheapest places in the state to live, rating five percent less than Brisbane. Housing in Toowoomba was also 20.4 percent less expensive than Brisbane. And the attractions are top notch. The art deco wonder that is the Empire Theatre is the largest regional theatre in Australia, while the Japanese Gardens are perfect for a Sunday stroll.
They say a glass of wine is good for your health. If so, then call Hunter Valley the healthy choice for retirement. With some of the oldest wine families in Australia, the Valley is a perfect spot for any connoisseur, whether fully-fledged or just starting out. And with relatively low prices, you won't have to rely entirely on your high interest savings account to make the very most of your retirement. According to Realestate.com.au, median house prices in towns like Maitland, Cessnock and Kurri Kurri are an affordable $280,000.