According to a recent retirement study, if you plan to rely solely on the age pension in your retirement years, chances are you won’t be living the kind of lifestyle you hoped¹.
The study shows that to lead a modest lifestyle in retirement, covering essential needs and basic activities:
For a more comfortable retirement lifestyle:
The graph below shows the difference between the current government age pension² and what a recent survey¹ revealed we need to budget annually in order to live a modest or comfortable retirement lifestyle. It’s a great reason to make some smart decisions today about your super.
Age pension income versus budgeted expenses
¹ The Westpac ASFA Retirement Standard March 2010, issued by the Association of Superannuation Funds of Australia Ltd, www.superannuation.asn.au. Figures assume retiree(s) owns their own home. Individual calculations are based on female figures.
² Government Age Pension 20 March 2010.