Services - Retirement Strategies
What are the facts?
- The age pension is currently $18,228.60 per year for a single person and $27,482 for a couple.
- Two-thirds of retirees rely on the pension as their main source of income.
(ABC News, 2010)
- More than a quarter of all Australians over 65 have an income below the OECD poverty threshold.
- The age pension in Australia is one of the lowest in the developed world when compared with national average earnings (New Zealandís basic pension is worth 80% more).
- The average retirement income in Australia is $1,917 per month while household expenses average $1,437 a month.
(The Age, 2008)
- More than a third of retirees return to work due to financial needs.
(Australian Bureau of Statistics, 2009)
- The pension age has been increased from 65 years to 67 years. What next?
Will your super be enough?
To maintain their current lifestyle in retirement, most people will need to access up to 65% of their yearly pre-retirement income.
At Australian Finance and Property Solutions Group we can help you plan - because at Australian Finance and Property Solutions Group property is more than just bricks and mortar.
These assumptions are based on:
- Retirement age of 65
- 3% rate of inflation
- Investment return of 7% (after fees & tax)
- Average life expectancy
Do you need to invest?
The age pension was not designed to provide a replacement for the income achieved over a working life. Most people must borrow to invest if they are to retire comfortably. At AFPS Group, we will show you how to safely leverage a property investment for this purpose. Australiaís superannuation funds experienced real losses of 26.7% in 2008.