Test your retirement income knowledge

When you understand what a lifetime annuity is, the benefits add up. Take this quick quiz to see how much you know about retirement income and the role a lifetime annuity can play.

How did you do?

0–5 questions correct (53 per cent of people completing the quiz are in this category)

Like most people approaching, or in retirement, the changing and often confusing nature of the retirement income industry can seem quite daunting at first. However, investing just a small amount of time to learn about some of the fundamentals can really pay off today, or in the future. Challenger’s Guide to a confident retirement shows the first steps to doing this, and explains some of the more complicated parts of developing a comprehensive retirement income plan in plain English.

5–10 questions correct (36 per cent of people completing the quiz are in this category)

While there’s still a lot to learn about retirement income, you’ve got a solid grasp of the concepts and terminology used in the industry. Taking those last few steps to fully understand your retirement income could really make a difference. Challenger’s Guide to income in retirement goes into more detail about the topics these questions refer to, as we provide insights from our experts on how to make the most of your retirement income.

10–14 questions correct (11 per cent of people completing the quiz are in this category)

Congratulations, you are one of a small percentage of people who already understand a considerable amount about your retirement income and have no doubt already made significant steps to developing a comprehensive retirement income plan. If you would like to know what payments you could receive from a lifetime annuity to support your plan, use Challenger’s payment tool to find out more.

Q1. Life expectancy estimations 
Q2. Australian Superannuation Fund Association (ASFA)
Q3. Australian Bureau of Statistics & life expectancy of 88 for males and 90 for females
Q7. Example of the effects of sequencing risk
Q8. Learn about account-based pensions

How did you score? Have you become more aware of such products as annuities since the pandemic hit?

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Disclaimer: All content on YourLifeChoices website is of a general nature and has been prepared without taking into account your objectives, financial situation or needs. It has been prepared with due care but no guarantees are provided for the ongoing accuracy or relevance. Before making a decision based on this information, you should consider its appropriateness in regard to your own circumstances. You should seek professional advice from a financial planner, lawyer or tax agent in relation to any aspects that affect your financial and legal circumstances. Before making a decision about whether to acquire or continue to hold a financial product, you should obtain and consider the Product Disclosure Statement (PDS) for the relevant product. A copy of the relevant PDS for a Challenger product can be obtained from your financial adviser, by calling 13 35 66, or at www.challenger.com.au

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