Firefighters and paramedics save lives, protect us from the ravages of fire, and ensure the sick and injured receive the medical treatment they need. However, after a working life protecting others, these emergency workers face substantial risk of having inadequate retirement incomes.

Firefighters and paramedics are regularly compelled to retire early due to particular barriers to working beyond the age of 60. Workers in these intense and challenging roles should have access to early retirement options. However, early retirement means fewer years for superannuation to grow and more years in retirement drawing on superannuation.

The possibility of superannuation running out is significant even under relatively optimistic assumptions.

This paper provides simulations of retirement income trajectories for firefighters and paramedics under a range of assumptions. For firefighters, these show, under relatively optimistic assumptions, an early-retiring single firefighter can expect their superannuation to run out six years before male life expectancy, nine years before female life expectancy, and 15 years earlier than for a regular retiree (retiring at 67). Under alternative scenarios, incorporating plausible risks, an early-retiring firefighter can expect their superannuation to run out 15 or more years before life expectancy.

For paramedics, the challenges are similar and severe. Our simulations indicate that, even under optimistic assumptions, an early-retiring single paramedic can expect their superannuation to run out seven years before male life expectancy, ten years before female life expectancy, and 14 years earlier than for a regular retiree. Considering plausible risks, an early-retiring paramedic’s superannuation could run out 15 or more years before life expectancy.

To extend superannuation longevity through to the age of their expected lifespan an early-retiring firefighter or paramedic would need to reduce their annual living expenses by 18.5%.

Given the challenges of continuing their work in these intense roles past age 60, it is unacceptable that retired firefighters and paramedics should have either significantly reduced living standards or risk running out of superannuation in retirement.

Among the range of potential policy responses considered in this paper, one response with promise is to increase employer superannuation contributions for emergency responders and supplement this with a one-time special superannuation contribution for workers already approaching retirement.