At age 67, Australians could be eligible to receive the Age Pension payment.
The maximum fortnightly Age Pension payment will go up next week to $1,237.70 for people.
Eligibility for the Age Pension is heavily dependent on your income level and the assets you own.
ASFA estimates that a modest retirement will cost about $36,548 per year for singles and around $52,690 for a couple combined.
Again, it assumes you'll receive a part Age Pension and that you own your home in full.
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Headline as published: Is the Australian Age Pension enough to retire comfortably?
The one thing this headline claims is in the report.
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The article, shortened and in plain language
At age 67, Australians could be eligible to receive the Age Pension payment.
This is a fortnightly sum, paid by Centrelink, to help older people fund their retirement.
The maximum fortnightly Age Pension payment will go up next week to $1,237.70 for people. Couples will soon get up to $933 per person per fortnight.
Eligibility for the Age Pension is heavily dependent on your income level and the assets you own.
According to the Association of Superannuation Funds of Australia, there are two main retirement lifestyle brackets in Australia: modest and comfortable.
A modest retirement is one that allows you to meet living costs.
ASFA estimates that a modest retirement will cost about $36,548 per year for singles and around $52,690 for a couple combined.
ASFA defines a comfortable retirement as one that allows Australians to maintain a good standard of living.
The data shows that a comfortable retirement is estimated to cost around $56,166 per year for singles and $78,998 for couples. Again, it assumes you'll receive a part Age Pension and that you own your home in full.
No, the Australian Age Pension isn't enough to retire.
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