Our pension is crucial to our retirement… so don’t take it from us 152



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New data has revealed just how crucial our age pension is – and it seems even the latest data doesn’t understand just how some of us live and rely on the payment.

The average single Australian of qualifying age, who doesn’t receive the Age Pension, is 46 per cent ready for retirement, and those who do get the pension are predicted to attain personal retirement savings equivalent to 61 per cent of what they need above the Age Pension for a comfortable retirement.

The CommBank Retire Ready Index also found that couples were better off and able to save 98 per cent of what they feasibly needed for retirement if they also claimed the Age Pension.

General manager for retirement at the Commonwealth Bank, Nicolette Rubinsztein, said it was comforting to see couples aged between 65 and 74 were reaching the standard for a comfortable retirement of $58,444 per annum.

But what’s even more shocking and looked over so often in our society is that the average pensioner was expected to live off just $37,000 per annum, which is below the retirement standard of $42,569 per annum.

“The Age Pension acts as a buffer and significantly boosts retirement savings, but clearly the results show that single Australians are not retiring with adequate levels of retirement savings to achieve a comfortable level of retirement,” Rubinsztein said.

Unfortunately, women are worse off as they are 30 per cent less retirement-ready than men as they had less time to save money and have a longer life expectancy.

So what can be done to make our retirements more comfortable? Is it our faults we don’t have enough money? Or should the government be helping us live above the bread line? Do you feel the pension is enough?


Starts at 60 Writers

The Starts at 60 writers team seek out interesting topics and write them especially for you.

  1. I worked for 40 years did not retire til 67 so I know I have earned my pension but i could not live on the pension i could survive maybe we who have worked should be respected not treated as a problem

    4 REPLY
    • I was told by a Centrelink employee that the Age Pension was not an earned right despite having paid in our taxes all our working lives and we should not think we are entitled to it.

    • Funny because when we first started working and our tax system was explained so much was being invested for pensions in the future! !

      1 REPLY
      • I seem to remember that there was a portion allotted for saving for the aged pension on my group certificate when I first started work in 1956.

    • Not so as far as some Centrelink employees today Karen. And how about stopping payments of anykind to all newcomers, legal or illegal. If you cannot support yourself and your family leave. That will put abit more back into the cophers to help our own who have paid for years in their taxes.

  2. The cost of living keeps leaping ahead of wages/salary, and our ability to save. Unless you are able to live low cost during your working years, or earn above average wages, most people will not be able to save adequately for retirement. Those who can save will be marginally better off than those who, due to lower wages cannot. Once you retire, be prepared to live a lower standard lifestyle.

  3. I worked all my life, and have battled all the time, I am having to watch all my pennies now I am on the pension, if the cost of living was more stable things would be so difficult

  4. Many Australian’s live fortnight to fortnight off the pension, many had no superannuation , it did not come in till the 1990’s and women are always worse off. An attack on the pensions is an attack on this country. Pensioners keep the economy going, we spend nearly all we get just to survive. If the Liberals are voted in again, this pension issue will arise again. they claim they have a mandate

    11 REPLY
  5. It is hard managing now , none of us can afford our pensions being cut, cut the Politicians pensions first

  6. Where do they get the $37,000 pension? I calculate mine at about $1200 short. With my meagre super I will have around $28,000 yearly. Where do they get these figures? Of course we deserve a pension and we deserve it to be enough to not cause us worrying about it so much we make ourselves I’ll.

    2 REPLY
  7. instead of cutting our pensions why doesnt the government cut the politicians pensions they are way too high and most of them dont deserve wot they get our old age pensioners are struggling to eat and live on wot the government give them

    4 REPLY
    • Why doesn’t a politician deserve the pension they get – such a bland statement without qualification.

      1 REPLY
      • They should be payed on performance not time in job. Their super should not be linked to CPI . Once gone should have manage own money like most others done. Should only get 9per not 15 per . Should not get travel expense after gone just a few reasons

    • I’m asking a question of Sheryl – it’s for her to answer not me – she’s the one who reckons they don’t deserve their pension.

  8. Funny – our couples full pension is $28000/year. Where does the figure of $37000 come from? Our pension is about half of the basic wage for a single adult worker, so we have to budget tightly to survive. It would be much easier if the government gave more assistance with higher (50%) concessions off the cost of electricity, gas, and water. We appreciate the health assistance and are now past the threshold, which helps enormously. Governments don’t have to pay more – just raise the concessions and we’ll survive.

    4 REPLY
  9. Even with super the pension falls short of comfortable living
    We paid top tax all our lives for what? ???? And now even the pension is uncertain.

  10. Look at Gillard/Rudd & you ask why don’t they deserve a pension Noel? They should do a full term as PM at least before being entitled to a pension. The pension is enough & continues to rise.

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