The ‘big picture’ of retirement reveals there are about 4.35 million retirees in Australia, of whom 70 per cent (aged 65 or older) are on a full or part Age Pension. Whilst such overview information is useful, when we are struggling with the daily sums and wondering what our real entitlements might be, we need more detail.
That’s where the YourLifeChoices ‘retirement tribes’ come into play. These six tribes, defined by household (couple or single), home ownership (own home or renting) and primary source of income (private or Age Pension) offer a really helpful framework with which to benchmark your retirement income and your own expenditure against the average for your tribe.
So check out these six tribes below, what their typical annual expenditure might be and where they spend the most.
How much does the Age Pension pay?
Couple on an Age Pension
A maximum couples Age Pension as of June 2017 was $34,819.20, which includes the Energy Supplement at $551.20 and the Pension Supplement at $2584.20. Many couples in this category may be on a part Age Pension so private income will make up the shortfall.
Single on an Age Pension
A maximum single Age Pension as of June 2017 was $23,095.80, which includes the Energy Supplement at $366.60 and the Pension Supplement at $1713.40. Many singles in this category may be on a part Age Pension so private income will make up the shortfall.