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My Pension

January 28th, 2015 at 08:54 am

I receive Government Single Age Pension and I meet requirement to get it. I try to live on this amount and bank any extra pension money from suppuration fund against when it runs out in about 2030. I don't have a large suppuration fund as I came into it too late; all fees come out of the fund before I get it and I do get an allotment each month but not enough to live on and will run out in the end. It's now only about around $100,000 and it has to last a lifetime.

It not a lot of money so I need to save more money so the need to 'Living Lean on Pension'.

I can save better than I can earn money.

To live comfortable in future you are looking at around $1million, to do what I am living now! There is talk that anyone born after 1973 here will not get an age pension at all, so there will be a lot of poor people here in the future. Most people living on pension here are at the poverty level anyway and unemployed are worse off than the age pensioners which is around 25% of average basic wage.

Here is a link that will give you more details: Age Pension
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Strategy - Know what you are entitled too!

3 Responses to “My Pension”

  1. Bob B. Says:

    Is Government Single Age Pension roughly equivalent to the US Social Security system?

  2. Tightwad Kitty Says:

    Most likely you will find they are simular but may have different rules.
    I do know that our medical health card is better.

    I hardly pay for most things if I go to GP, have x-rays or blood tests, and some other things. Our co-payment on prescriptions for pensions is $6.10 and government pay the rest but only if it's on they list.

  3. bluesfemme Says:

    It's a little different I believe Bob, as I understand your SS is based on your earnings over your working life and when you decide to take it - is that right?

    For our pension, you have to be a certain age to get it (currently 65 and rising to 67); you only get it if your assets are under a certain value; it's a set maximum rate for everyone, decreasing as your assets rise to the maximum allowable limit (so not linked to your yearly earnings) and there is no benefit in waiting once you hit the eligible age.

    It's designed as a safety net - the government wants us to save for ourselves for retirement, through the employer based mandatory superannuation scheme, but as super hasn't been round for long, there are many people like Kitty who wouldn't have benefited that much from it.

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