![]() ![]() – Over 14% of the Australian population is aged over 65 – The average life expectancy is 80.4 for males and 84.6 for females – The age pension age is transitioning from age 65 to 67 – The age pension currently pays $670 per fortnight (couple each) The statistics in relation to the Age Pension in 2018 is as follows: We have had improvements in health, education and community standards which has changed the landscape of Australia. At that time, the rest of the population could comfortably fund the 4% of Australians in retirement.Ī lot has changed since 1909. When it was initially introduced in 1909 only 4% of Australians were aged 65 and older. – Most importantly, the average life expectancy in 1909 was 55.2 years for males and 58.8 for femalesĪs you read points two and three you would realise what has changed about the Age Pension. ![]() – Men had to be 65 and females 60 years of age to be eligible Three things to note about the Age Pension in 1909 are: Some states did have an age pension scheme at the time, but the federal government wanted a national scheme to replace the state scheme to provide consistency across the country Prior to this, the elderly had no financial support and their care fell either to family, religious or charitable organisations. The Age Pension was first introduced in 1909. Why do people think like this? Yes, because 50 years ago this was perfectly true! It is amazing how many people believe that the government should provide for their retirement! It amazes me how many people believe that they are entitled to an income in retirement because of “all of the taxes they paid throughout the years!” “Having a “retirement plan” based solely around receiving an aged pension and expecting to live a comfortable lifestyle in retirement” The definition of financial insanity is this: One of the scariest thing today is that many people are financially insane, whether it is by circumstance, ignorance or worst of all, by choice. Not that I would ever claim to be as smart as Albert Einstein, but there is one common thought process in Australia today which can only be described as financial insanity. I have come up with the definition of financial insanity. ![]() Perhaps, you may need to seek qualified financial advice to change your financial situation and improve your lifestyle both now and in the future. You cannot Master Your Money Now unless you do something different. It is amazing how many people I come across who keep doing the same things and wondering why their results do not change. “The definition of insanity is doing the same thing over and over again and expecting a different result!” Just don’t ask me to explain how – something about E = MC 2?īut one thing I do recall from one of my Year 7 Science classes (apart from how to burn stuff with Bunsen burners) is Einstein’s favourite quote on the definition of insanity. I know nothing about science but I know enough that Albert Einstein’s research and discoveries had a major impact on science today.
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