A tale of three retirements: which tribe are you?

The ‘big picture’ of retirement reveals there are about 4.35 million retirees in Australia.

A tale of three retirements

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.





    COMMENTS

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    Bren
    29th Oct 2017
    12:39pm
    Single Pension Supplement is $928.20pa not $1713.40
    Bren
    29th Oct 2017
    12:46pm
    Sorry it's $1723.80 at September 20.
    AutumnOz
    29th Oct 2017
    2:42pm
    If Centrelink has to pay pensioners an energy supplement and a pension supplement so they can survive on the pension wouldn't it be a lot easier for all if Centrelink cut out the supplements and increased the pension payment by the amount of the supplements they would lose?.
    It would be much easier for everyone to keep track of what their income actually is and save a lot of frustration for those thinking of applying for a pension to know how much they would receive.
    cupoftea
    29th Oct 2017
    3:15pm
    ao
    I know what i spend daily,weekly,monthly, and yearly and when i tally it up end of year i add 5%cpi when i retire in 3yrs i will know what to expect
    john
    31st Oct 2017
    12:30pm
    Here's an average for I think perhaps main stream retired, or main stream one retiree and one part time worker and one part pension reciever.
    All bills are covered , everything, up to date. But almost down to nothing and sweating by pay day the following week. Chance of travel ?going out ? Dining theatre movies? buying needed furniture , are all a financial struggle or not possible , always just enough , never a bit over, and thats until you die.
    So the lucky country is indeed only lucky for a few at the top , the rest just plough through.
    Which is really showing just how this nation has let its hard working Australian retirees down.
    In a place like Australia, all retired people should have enough to enjoy life a little , rather than have a retirement life , where you've finished your working life , and all you do when you retire, is struggle through, budgeting like you were, 40 or 50 years before.
    It is a disgraceful thing how some elderly get treated after a life time of giving. All the figures above mean nothing. Things aren't that bad, but they are not good , and they should be.
    That's how communities, run well, over generations should be, GOOD!
    PennWeaver
    14th Mar 2018
    12:33pm
    We are fortunate we have a welfare system, many other countries don't and we forget how lucky we are in some ways. That doesn't help those entirely reliant on the pension, but think how tough it would be with none.
    Rosret
    14th Mar 2018
    1:02pm
    $910595 x 0.05 compulsory draw down is $45529.75 (and that % increases with age) - I would love to know how that gets into the affluent category when $40,000 is considered to be the poverty line. My ancillary bills are $34K and rising.
    Some apartment body corporates charge $30K a year.
    I think their is an entire under current of wealthy that are not included in this table of 6 groups. They have assets not in the super funds that are so easily available to sticky government hands.
    simo
    24th Jun 2018
    11:38am
    i sarted super 45 years ago with 5 dollars per week , thanks to a insurance agent that dropped in once a month . From little thinks , big thinks grow .