Employees wanting to live longer should consider a switch to the public service, as people working in this sector have been found to live well beyond the average life expectancy.
A survey by Mercer found 50% of Australia’s public sector pensioners are likely to live up to four years more than their peers.
According to the data, male public servants live up to 88 years – beyond the national average of 84 years – while women boasted a life expectancy of 91, compared to the average of 87.
“The findings have significant relevance for federal and state governments, in terms of the impact on public sector pension liability, but also have repercussions for superannuation funds, employers of white collar workers, private health insurers, aged care operators and individuals,” Richard Boyfield, partner at Mercer, and leader of Mercer’s public sector retirement services, said.
He added longer life expectancies will result in a higher demand on public health services, with private health insurance becoming a more important consideration that needs to be factored into financial plans.
“White collar workers need to think beyond averages and super funds need to ramp up innovation in relation to post-retirement solutions that provide a sustained income for someone’s lifetime, not just a lump sum at retirement,” Boyfield said.