Retirement Incomes....will you be in the top 3%!

No @Y-man didn't clarify, his point was that if one retiree was in the top 3% with an income of $67,001 and their partner was also in the top 3% also with an income of 67,001 they have a combined income of $134,000+.

Where does the 34.4k per couple come from?

Still waiting for you to show where your data comes from?

 

The reason is that the younger generation is now paying most of the tax. Most struggle to get into housing...something has to give.

 

Did you read the notes at the bottom...it says the ABS? How may retirees do you know...let me tell you most have under 45k income......at this generation....as super was not a lot...remember you being on this site puts you in the top 10%...but your line of questioning...indicates...numbers are not your forte or have not considered how difficult it is generate income on your own assets vs the gubbermint. Most of the people doing it successfully have large share/ETF funds and they ar treating it like super..but with franking benefits.

 

Youse da man....you knoz! with some of things like energy and prescription addtions it gets to just over 34k.

Perhaps you can explain to my friend how hard it is to replace income of 34k layed out by the gubbermint. Lets assume that couple have 2 rentals properties...worth 450k each fully paid off. That means they have exceeded the thershold to qualify for the pension. Assuming each rents for 400pw....that gives them abotu 42k in rents....minus expenses of 6500k (rates, council, repairds agents fees, repairs, future renos) per property...they have about about 29k in income....and nutin from the gubbermint...does anyone else see this...and let alone the unstable income from rents....

 

Down the bottom 74%

Do you know how hard it is for me to check these figures when I have to keep going back to a different screen to see the chart in the OP? I'll get a pension soon at this rate!

 

Yep...simple maths actually...they should teach that more in schools around Brighton.

 

Govt Pensioners.
$1407 couple pension x 26 = $36,582 pa. That is for a couple. 36,582 /2 = $18,291 pa each

$933.40 single x 26 = $24,268.4 pa

 

I call bs on these figures.

Shut down the 'fear factory', expert says — most people will have enough money to retire on

 

Got that, I read your first post were referring to the 3% over $67001+

 

I'm not...they havent had super for all their working lives...only some of it. It's amazing how asset rich and cash flow poor many retirees are.. I see it many many times.

 

These ABS figures are they taxable income or total income?

 

I feel the bitterness of self funded retirees sometimes - still paying tax, no discounts on rates, rego, health, power bills....the list goes on...
What @sash said - go hard or go home....
Should finish well up from $67k pa...minus tax....

Don't know how people manage to get the pension while having big assets...?
Missing a spare $34k pa for working hard and investing.....

 

The bombshell analysis of social security data carried out by the Australian National University has revealed around $6.4 billion in age pension payments are going to more than 255,000 pensioners who own homes valued at more than $1 million.

How do I type 6.4billion into my calculator so I can divide it by 255,000 pensioners OR divide it by the amount we calculated each individual pensioner receives PA in order to fact check the headline?

255,000 x 24,268 = $6,188,340,000.
This is being generous as I am using the single pensioner's figure. Each member of a couple receives less than the amount a single person receives, they receive about $18k each.

 

I'd honestly settle for both my wife and me being in the top 8% once or ppor is paid off.
$70k+ after tax, that should be plenty!

 

I recognise this is not in accord with the outrage but a thought. When did these persons actually buy their home? Only asking as my background is South Melbourne when it was considered close to being or was considered a slum. So buying into a slum and simply living there for the majority of your life is now considered somewhat parasitic? All due to gentrification I guess. Same applied to areas of Footscray, especially down wind of the tannery.

 

Same could be said about Fortitude Valley, Teneriffe, New Farm, Redfern, Woolloomooloo, Potts Point, Ultimo, Pyrmont, Glebe etc. You''d struggle to find something "cheap" in these areas.

 

I acknowledge this!
However,
If our grandparents have lived in these places for sixty years and raised their families there, they may want to relocate now to a new home that isn't slummy. Why do they want to remain in a delapidated place if they could sell it and move closer to their children and grandkids, and into a newish home that wont require as much upkeep. If they do this, they can have a bag of cash, but then perhaps this same demographic knows that to do so, they may lose their pension entitlements. If they have survived poverty and war in their younger days, this will be outside their comfort zones.

I have debated this previously on PC and would be fine with PPORs in "slummy" Sydney and Melbourne worth $1 Million being exempt from Pension tests for exactly this reason. Can we say the same for pensioners living in beautifully renovated, extended or restored homes that are far from 'slummy'. What about our elderly pensioners living in $1m homes in Perth, Brisbane and Adelaide - far from slummy.

 

You are kidding...really...Grattan Institute...a right wing think tank?

Here are some of the assumptions they are making:

1. There is no major job disrupters...remember 45% will be contracting b 2025
2. They are arguing no super increases...so if you contributing 9.5% you will simply replace income from pension and virtually no income.
3. Remember the gubbermint stopped indexing the pensions to 27% of average income and instead indexed to CPI. So over time...pension will be further reduced.
4. They are assuming you will have paid of income.

Seriously...some people need to read the full context rather than take things at face value.

 

Most probably total income (well at least most of it) as in pension made in super the earnings are tax free. I will post more to edumacate the great unwashed.