Australia's superannuation savings may be the envy of the world with A$1.23 trillion now in the pot to help its ageing population live more comfortably in retirement. But Australia's approach to retirement saving is only half right, according to David Blake of the UK's Pensions Institute, who spoke at a recent Australian School of Business conference on longevity risk. Substantial super savings may have helped the nation to weather the financial crisis, but they will not go the distance as people live increasingly longer lives. It's time for Aussies to hedge their risks, and annuities are the way to go.