Post by Banjo on Feb 22, 2011 15:24:04 GMT 7
Recent quarterly research proves that the annual value of Age Pensions paid to those entitled to maximum benefits, continues to only amount to less than half of what a retired single needs to live a comfortable life.
The Association of Superannuation Funds of Australia (ASFA), together with Westpac, found that to have a comfortable lifestyle, retired singles who live in their own home need to spend $39,302 a year and couples $53,729. Keeping in mind that the maximum annual Age Pension for singles amounts to $18,610.80(including the Pension Supplement) and $28,069.60 for couples, there is a huge shortfall between aspiration and reality.
The news isn’t any better for those single age pensioners who are simply looking for a modest lifestyle – they find thems
The Westpac ASFA Retirement Standard also provides a breakdown by state and territory of how much is needed to support a chosen lifestyle in these areas. For more details, click YOURLifeChoices link to the ASFA website.
www.yourlifechoices.com.au/index.php/articles/category/enough_to_retire_on#how_much_do_you_really_need
The Association of Superannuation Funds of Australia (ASFA), together with Westpac, found that to have a comfortable lifestyle, retired singles who live in their own home need to spend $39,302 a year and couples $53,729. Keeping in mind that the maximum annual Age Pension for singles amounts to $18,610.80(including the Pension Supplement) and $28,069.60 for couples, there is a huge shortfall between aspiration and reality.
The news isn’t any better for those single age pensioners who are simply looking for a modest lifestyle – they find thems
The Westpac ASFA Retirement Standard also provides a breakdown by state and territory of how much is needed to support a chosen lifestyle in these areas. For more details, click YOURLifeChoices link to the ASFA website.
www.yourlifechoices.com.au/index.php/articles/category/enough_to_retire_on#how_much_do_you_really_need
