We found these pension facts interesting.
1909
- Not many people were concerned about outliving their money.
- The National Old Age Pension was introduced. The average life expectancy was 55 years.
- The average age of Australians was under 30.
- The age pension age was 65 years.
2011
- Australians have the 4th highest life expectancy in the world – more than 80 years for both men and women.
- The average age was around 37 years.
- The age pension age was 65 years.
2008
Harmer's Federal Review of Pensions indicated that almost 80% of Australians over the age of 65 receive a part or full age pension, therefore only 20% are fully self sufficient. The average pension age was 65.
HISTORY OF PENSION INCOME LEVEL
|
Year |
Single Age Pension $ p.a. |
% of Average Wages |
|
1909 |
52 |
21.6 |
|
1925 |
104 |
21.1 |
|
1950 |
260 |
26.6 |
|
1975 |
2,015 |
27.0 |
|
2000 |
9,672 |
24.7 |
|
2011 |
18,980 |
28.3 |
CHANGES IN LONGEVITY (Source: Financial Demographics)
|
Year of 65th birthday |
Years Lived After 65 |
% of Life Past Age 65 |
|
Men |
|
|
|
1900 |
11.25 |
14.8 |
|
1950 |
12.25 |
15.9 |
|
1975 |
13.13 |
16.8 |
|
2000 |
19.78 |
23.3 |
|
Women |
|
|
|
1900 |
12.75 |
16.4 |
|
1950 |
14.44 |
18.2 |
|
1975 |
17.13 |
20.9 |
|
2000 |
23.06 |
26.2 |
To discuss your pension requirements speak with Leenane Templeton financial advisors or for SMSF advice visit our self managed super funds website or call Newcastle 4926 2300.
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