Money matters with Effie

Not outliving your money is all about finding your ideal super savings balance – and knowing how to use it in retirement.

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Looks like 60 really is the new 40. The number of Aussies who'll live past their 85th birthday is set to double in the next 15 years. A woman aged in her 50s can look forward to another 36 years of living. And all this longevity is something to celebrate.

However, it does bring a new challenge – making sure you don't outlive your money over a retirement that could span 20, 30, maybe even 40 years.

In financial circles, this is known as longevity risk. It's an issue particularly relevant to women because while the life expectancy gap is narrowing, women still tend to outlive men.

Not surprisingly, a survey by investment management company Challenger found one in three women over 60 are concerned about outliving their savings. The good news is that there are steps you can take to stretch your retirement savings further.

Here are five strategies to consider - mix and match what works for you.

1. Grow your super – it's never too late

Our super is purpose-built for retirement. It comes with generous tax savings that can see more of your money go towards building a nest egg while you’re working, and less of your money lost to tax in retirement.

That makes it worth aiming to grow your super as much as possible during your working days. And there are plenty of ways to do it, from salary sacrificing contributions to making your own tax-deductible contributions.