From the Money Mag, not a new revelation to most but it does make one scratch their head, save hard to end up in the same financial situation as others who are less fortunate or who have spent their money along the way.
A 66-year-old couple, Stephen and Anna, who own their home, have $386,500 in super plus home contents and car worth $15,000, taking their total assets to $401,500. They just qualify for the full age pension.
Their income from the age pension ($37,341pa) combines with a $19,325 drawdown from their super's account-based pension. This assumes they draw down their super at the normal minimum rate of 5%. Their total retirement income is $56,666 a year.
This compares with Peter and Jill, who have super of, say, $1.13 million in an account-based pension. Peter and Jill do not qualify for the age pension because their assets are too high. They will have a similar income of $56,500 based on a 5% drawdown of their account-based pension.
So, Stephen and Anna, with $386,500 in super, will have the same income as Peter and Jill, who have saved almost three times as much.
Expand
