Retirement

[GO FURTHER]

Originally Posted by hackney

I just ‘snuck’ the government pension in.Not the money we were after(but that is a bonus anyway) it is the health benefits attached to it & the free car rego.it also pays for our private health insurance.Win,win as far as I am concerned.

I agree with this.
A financial advisor told me... Whatever you do (if you are smart), is to arrange your financial affairs well before you retire, so that you at least qualify for a "part pension".

That qualifies you for the Health card and along with its associated benefits can be worth $6,000 a year alone.

Regarding the government pension...

People say, it's not much to live on, but they forget that the pension is guaranteed and indexed for life.

On the other hand, your nest egg, investments, super or shares are not.

For a couple (living together), and who live for another 30 years in retirement, at today's current rate, you would receive at least $1,207,128 from the government over that time (on the base pension).

That's more than a lot of people have (excluding the family home), in retirement savings who are self-funded.

[hackney]

Originally Posted by GO FURTHER

I agree with this.
A financial advisor told me... Whatever you do (if you are smart), is to arrange your financial affairs well before you retire, so that you at least qualify for a "part pension".

That qualifies you for the Health card and along with its associated benefits can be worth $6,000 a year alone.

Regarding the government pension...

People say, it's not much to live on, but they forget that the pension is guaranteed and indexed for life.

On the other hand, your nest egg, investments, super or shares are not.

For a couple (living together), and who live for another 30 years in retirement, at today's current rate, you would receive at least $1,207,128 from the government over that time (on the base pension).

That's more than a lot of people have (excluding the family home), in retirement savings who are self-funded.

I took my full PSS pension, it also had a lump some attached which I took.The PSS is indexed twice a year.Government pension went slightly down though.Doing very nicely thank you!

[Tassie f100]

Originally Posted by hackney

I took my full PSS pension, it also had a lump some attached which I took.The PSS is indexed twice a year.Government pension went slightly down though.Doing very nicely thank you!

The “normal”pension I reckon is plenty for a couple to live fairly easily on.Think anyone who is on the Govt gravy train gets a fair bit more courtesy of the taxpayer

[hackney]

Originally Posted by Tassie f100

The “normal”pension I reckon is plenty for a couple to live fairly easily on.Think anyone who is on the Govt gravy train gets a fair bit more courtesy of the taxpayer

Not if you want a fairly easy life in retirement, I certainly would not want to rely on the Government only pension.I find that scenario quite scary.

[kevino]

Originally Posted by hackney

Not if you want a fairly easy life in retirement, I certainly would not want to rely on the Government only pension.I find that scenario quite scary.

Yes it’s a bit light.
You need to own your own home.
And have pensions coming out of husband/wife super funds.

And probably hope for no big medical/ gap expenses.

Renters…
I don’t know how they do it especially singles

[hackney]

Originally Posted by kevino

Yes it’s a bit light.
You need to own your own home.
And have pensions coming out of husband/wife super funds.

And probably hope for no big medical/ gap expenses.

Renters…
I don’t know how they do it especially singles

Yup, pretty much.We are lucky to be able to afford private health insurance.it is really tough out there.

[Tassie f100]

Originally Posted by hackney

Not if you want a fairly easy life in retirement, I certainly would not want to rely on the Government only pension.I find that scenario quite scary.

Probably as a single $400/ week is a bit tight.but $800 week for couples is quite comfortable

[Charliewool]

Originally Posted by Tassie f100

Probably as a single $400/ week is a bit tight.but $800 week for couples is quite comfortable

Is it that much per couple for full pension?
I thought closer to 650-700?

[Itsme]

Originally Posted by Charliewool

Is it that much per couple for full pension?
I thought closer to 650-700?

Last time I looked think it was tad over $900 for single & about $1450 couple.