Milliman appoints retirement expert to lead retirement strategy and solutions

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Milliman, a global actuarial consulting firm and leading provider of risk management and retirement services, has appointed retirement expert Amara Haqqani as director of strategy and solutions in Australia. Haqqani has spent close to two decades in financial services including four years at annuities provider Challenger, where she served as senior manager, retirement income policy, […]

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Has longevity risk outlived its welcome?

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A long life shouldn’t have to be a bad life. In fact, it’s almost always better than the alternative – premature death – but the financial services industry has people thinking otherwise. Longevity risk, we’re told, is the problem. Boys and girls born in 2013–2015 can expect to live around 33 and 34 years longer […]

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Big data reveals the suburbs where Australia’s wealthiest and poorest retirees live

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The Melbourne area of Stonnington is home to Australia’s biggest spending retirees, according to the latest Milliman Retirement Expectations and Spending Profiles (ESP) report. The average annual expenditure of Stonnington retiree households is $56,711, which is two-thirds higher than the national average ($33,943), with more expenditure directed towards discretionary areas such as leisure. The area […]

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Where to now: Australia’s advice industry at a tipping point?

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After more than a decade working with Australia’s leading institutional players, Milliman is bringing its unique experience, sophisticated tools and big-picture thinking to bare for Australia’s advice community in an effort to markedly improve retirement outcomes. Milliman Australia Practice Lead, Wade Matterson, acknowledged the entire industry is emerging from a bruising few months in the […]

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Research shows falling retirement spend driven by behaviour, not declining income

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Does spending decline dramatically through retirement due to declining assets balances? Can individuals predict their retirement spending based on pre-retirement income? New analysis by Milliman suggests that retirees’ age is just as strong an indicator of behaviour as income levels and casts doubt on common benchmarks, such as using a percentage of final salary as […]

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How to help customers make choices today that will benefit them tomorrow

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Superannuation is one of the most valuable products that working Australians own and yet one of the products they care least about. Forcing people to buy a product when the value can’t be unlocked for many years is a poor starting point for engagement. Not surprisingly, few choose to delay extra gratification today despite knowing […]

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Retirees’ spending falls faster than expected into old age

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The financial services industry may have underestimated the dramatic falloff in retiree spending as they age, according to a Milliman analysis of real-world expenditure data. The median retired couples’ expenditure falls by more than one-third (36.7%) as they move from their peak spending years in early retirement (65 to 69 years of age) and into […]

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Milliman launches first custom capital protection overlay solution for model portfolio and dealer group platforms

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Milliman’s new model portfolio strategy allows dealer groups and platforms to apply a rules-based market risk management overlay to any model portfolio’s underlying equity investments. It marks the first time that model portfolio investment teams and financial advisers will be able to manage equity risk on behalf of retirees and other risk-averse clients while also […]

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Milliman analysis: Home downsizing scheme to help older Australians with smaller super balances

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Milliman, Inc., a premier global consulting and actuarial firm, has released research that found a new scheme aimed at encouraging older Australians to downsize their homes is likely to help couples with lower superannuation balances. The new scheme will allow Australians aged 65 and over to sell a long-held home and divert up to $300,000 […]

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Milliman announces appointment of Andrew Whelan as Director, Adviser Services

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Global actuarial firm Milliman has announced the appointment of Andrew Whelan to the position of Director, Adviser Services. In this newly created role Mr Whelan will spearhead the development and management of retail and wholesale partnerships nationally, with a key focus on financial advisers and their dealer groups. Principal of Milliman Australia, Wade Matterson, commented, […]

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