A rough comparison of a currently retired couple both 70 (couple A) compared to a 60- 1955 (male) & 57- 1958 (female) (couple B) & the difference in aged pension by the time couple B are both 70.
Couple A both stopped work @ 60 he self- funded for 5 years until aged pension @65, she received pension @60.
Couple B plan to self fund retirement in 2017 As both are born 2nd ½ of the year, an extra 6 months is required before aged pension can be paid. So - he will have to self- fund until Jan 2022 (age 67 ½) & she will have to self-fund until Jan 2025 (age 67 ½)
For the purpose of this example I am going to assume the aged pension is a flat $10K per year (I realise it will have fluctuated lower & is now higher), but I feel the final figure will actually be a lot higher than I will work out, but this makes it easier to give the example.
Couple A @ age 70 have received between them 15 years of pension - $150K
Couple B @ age 70 will have received between them 5 years pension - $50K
So there is the difference of $100K not counting of course the differences in the other benefits mainly medications being dispensed @ <$10 per scrip compared to non- pension @ > $10 to $37+
So perhaps this might make it more clear to the current retires why many in this age group bracket are feeling hard done by that they are not able to afford to have the same lifestyle that the couple A have enjoyed.
Imagine what that extra $100K would have done for couple B.
Both couples worked full time & led similar lifestyles.
I know it is not as simple as this and also realise we are running out of money as a country but this generation were caught in the middle not knowing about super until ½ way through thier working lives.
Just wish our pollys would look into 2 major areas 1) their own fat benefits - both current & future benefits & bring them into line with the average persons benefits & 2)stopping tax rorts currently enjoyed by legal tax evading systems that our government allows, such as taking the money overseas as well as the tax perks enjoyed by some of those obscure entities calling themselves a church or charity
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chooknphil wrote:Couple A both stopped work @ 60 he self- funded for 5 years until aged pension @65, she received pension @60.
I don't know how many other errors are in this posting but here is one. A 70 year old female would not have received the pension at age 60. Females currently 75 years of age did not get their pension until age 62.5. Females who are currently 70 would not have been receiving their pension for 5 years or a little more (not quite sure when the female pension age reached or will reach 65.)
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PeterD Nissan Navara D23 diesel auto, Spaceland pop-top Retired radio and electronics technician. NSW Central Coast.
If you are male you need to be 65 to qualify for the age pension from Centrelink.
If you are female you need to refer to the table below.
Qualifying ages for women to get Age Pension
Woman's date of birth Qualifying age
before 1 July 1935 60 on or between 1 July 1935 and 31 December 1936 60.5 on or between 1 January 1937 and 30 June 1938 61 on or between 1 July 1938 and 31 December 1939 61.5 on or between 1 January 1940 and 30 June 1941 62 on or between 1 July 1941 and 31 December 1942 62.5 on or between 1 January 1943 and 30 June 1944 63 on or between 1 July 1944 and 31 December 1945 63.5 on or between 1 January 1946 and 30 June 1947 64 on or between 1 July 1947 and 31 December 1948 64.5 on or after 1 January 1949 65
From 1 July 2017, the qualifying age for Age Pension will increase from 65 years to 65 years and 6 months.
The qualifying age will then increase by 6 months every 2 years, reaching 67 years by 1 July 2023.
These are not retirement ages but ages that you can claim the Centrelink Aged Pension. You can retire any time you like.
-- Edited by Spydermann on Thursday 10th of December 2015 08:08:55 PM
Thanks for that Spidermann. I was going to look for that info but my monitor has collapsed. I am back on the air with an old 15" model so things are clunky and cramped.
The difference in the pensions that people from different birth dates will get is all tied up with the increase in minimum pension ages. I suggest that people should learn to live with it as it is a bipartisan policy of the federal members.
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PeterD Nissan Navara D23 diesel auto, Spaceland pop-top Retired radio and electronics technician. NSW Central Coast.
