Ben Fordham tries, and struggles, to live on retiree budget for a week

Living on a strict budget can be tough, but for popular radio presenter Ben Fordham the thought he would need to, never crossed his mind; well that was the case until he was thrust into a money challenge.

The 41-year-old father, who is known across the country for his role on 2GB radio, recently had a peak into what life could be like living like a retiree on the average living allowance for a couple at age 65 drawing down from their superannuation. 

The eye-opening experience, put things in perspective for Ben who admitted he hadn’t really thought much about his retirement.

In an article published by Nine News, the journalist revealed living on $587 a week seemed like a simple challenge until he realised he couldn’t afford his usual treats like a few coffees a day and a fancy lunch every now and then.

“By the time you do the weekly shopping, grab take-away sushi a couple of times for lunch and then factor in the things you don’t even think about like tolls and parking, the money starts to disappear pretty quickly,” Ben admitted.

On top of normal living costs, and the unexpected bills, he realised saving money is tough when you have to live on a budget and it’s something more people should think about before they jump in with hopes of having a lavish retirement.

The thing is the super allowance is much more than what seniors are receiving on the age pension, with a maximum of $684.10 for a couple living together each per fortnight, that’s $342.05 a week.

Sadly for many this amount is just not enough and they are forced into a life of poverty as they are left without adequate food, housing, heating, medical supplies, dentistry and other life essentials.

Read more: ‘My pension covers the basics but I wouldn’t call it living’

For Ben, who managed to get through the challenge, he can go back to his normal working wages and better prepare for the future, but for others they will have to struggle through with all they’ve got.

Shockingly, according to The Adequacy of the Age Pension in Australia report, a total of 26 per cent of Australian’s today older than 66 are living in poverty; an extremely sad situation considering Australia is one of the richest countries in the world.

“The reality is, you never really know what financial situation you’ll be in by the time you are 65-years-old,” Ben said as he reflected on his time in the experiment.

“But if you want to enjoy the off Friday long lunch and have enough money to cover your pay TV bills, then you need to start saving for the future now. Even small super balances can help in retirement, so we should feel motivated to take the little steps that make a big difference.”

Have you found it difficult to get by on an age pension or super allowance? How do you better manage your money?