You have a 50% chance of outliving your retirement savings by 13 years.

Living longer is a great thing if you have the right plan to manage your financial future.

The first question most people ask when they're thinking about retirement is, how long should I plan to be in retirement? The answer may surprise you. There's a good chance you'll spend 30 years in retirement, and many people aren't financially prepared. This is called longevity risk – and it needs to be managed.

How can you prepare for a long, happy and financially secure retirement?

Understand what you'll need: with the help of your MLC financial adviser, map out the lump sum and income you'll need to enjoy the retirement you want.

Protect your income for life: you can safeguard your income over 10 years, 20 years or for life. This means you'll have a guaranteed retirement income, so you won't have to worry about living longer than expected.

“You can safeguard your income, so if you live longer than expected you're still in a position to enjoy your retirement.”

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