Interesting Pension Facts

Harlan Marriott — Mon, 29 Aug 2011 03:58:54 +0000

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.

The post Interesting Pension Facts appeared first on Newcastle Financial Planners & Financial Advisors.

history of pension level Archives - Newcastle Financial Planners & Financial Advisors

Interesting Pension Facts

We found these pension facts interesting.