Australia is one of the ten longest-lived countries in the world.
According to the Australian Health and Welfare Research Institute, Australians live an average of 1 year more every 4 years.
According to the Australian Bureau of Statistics, the average life expectancy in Australia is currently 80.1 years for men and 84.3 years for women.
One of the reasons why many immigrants come to Australia is to enjoy Australia's pension resources.
However, it is becoming more and more difficult to retire in Australia.
Why?
A new survey shows that millions of Australians fear that once they get old, their Australian superannuation will not be able to cover their expenses and they will be too poor to support themselves.
A recent OECD study found that a third of Australia's retirees live below the poverty line.
A survey conducted by Finder revealed that 23% of respondents do not have enough money in their pension or other investments to survive retirement.
That's the equivalent of nearly 5 million Australians facing this dilemma.
Another 27 per cent admit that they are not sure if they have enough money to live on once they stop working,
And 22% admit they will have to cut spending.
Women fared even worse, with 27 per cent saying they did not have enough pension or other investments to make ends meet, compared to 18 per cent of men.
How much money do you need to save if you want to retire with peace of mind in Australia?
The latest data is a big surprise.
- If you spend $59,000 a year, you'll need to save $777,000.
- If you want to spend $87,000 a year, you need to save $1,037,000 by retirement age.
Martin Fahy, chief executive of the Australian Superannuation Association, believes that Sydney retirees who rent a house need to have a superannuation deposit of between $1.04 million and $1.16 million if they want to live comfortably.
According to the Australian Pensions Association's Retirement Standards Report, if you are a single retired resident renting a one-bedroom unit in Sydney, the annual cost of living is about $62,434. Retired couples rent a 2-bedroom property with an average cost of living of $79,801.
Many people only realize when they reach retirement age that their pension balance is far from enough to meet their future funding needs, but by then it will be too late!
Government pensions are far from sufficient.
In particular, Australia's current debt has reached a record high of nearly $1 trillion.
Current welfare spending accounts for more than 30% of the Australia Government's budget.
Superannuation has been the largest expenditure in the Australia government's budget.
Data from the Australian Bureau of Statistics shows that the number of retirees in Australia increased from 3.8 million in 2018-19 to 4.1 million in 2020-21.
In order to save money, the government had to carry out pension reform.
This week, the Australian Labor government and the Coalition Party agreed to reform the pension system!
The biggest reform in 30 years began!
Among other things, seniors who are new to the pension system will have to pay more, and those who are already in the system will have to keep their original fees the same.
The following are the details of this reform:
1
机构养老（residential aged care）：
New occupants will need to pay a higher fee if they have assets of more than $238,000 and an annual income of more than $95,400, or both.
Room fees for institutional aged care will rise, with aged care providers being able to charge up to $750,000 per room without special approval, $200,000 above the existing cap; This price will be annualized in line with the inflation rate in the future.
Aged care providers can withhold 2% of a resident's accommodation deposit each year for five consecutive years.
As a result of this reform, 30 per cent of new institutional occupants who are fully pensioned and 70 per cent of new occupants who are partially pensioned will face higher costs.
2
居家养老（home care）：
The new new home care scheme will come into effect in July next year.
The federal government says the plan will benefit hundreds of thousands of Australia over the next 10 years.
The new home care plan also requires a more rigorous investigation of the assets of the elderly:
- Full pensioners will bear 5% of their pension costs and 17.5% of their daily living expenses.
- Self-financed seniors will pay 80% of their daily living expenses and bear half of the costs of supporting their independent living.
In addition, home care is divided into three main parts: nursing support, occupational therapy, and daily living assistance.
- The government will fully cover the cost of clinical care for all home-based caregivers.
- The government is also proposing to raise the lifetime cap on out-of-pocket non-clinical care costs for individuals in home and home care from about $80,000 to $130,000.
Reforms to the superannuation system are expected to save the government $12.6 billion over the next 11 years.
In addition, the retirement age in Australia has begun to change.
Australia's retirement age has been rising over the past two decades
According to the latest data, the retirement age of Australian residents has reached 67.
This is the highest number since 1972.
The pension age, Australians born after 1957, has also reached 67 years old.
From 2025 to 2029, the retirement age will be raised semi-annually until it reaches the age of 70.
The Australian government is encouraging more Australians to retire.
The Minister for Social Services said: "Older Australians choose to supplement their superannuation by working with pay – and that's good for them. ”
This means that Australians have no way to retire at retirement age.
According to a survey by the National Association of Older Persons Australia, about 16 per cent of pension recipients have returned to work after retirement, and 20 per cent are considering doing so.
Why, because of poverty, income cannot support retirement.
A survey report published by RaboDirect found that 44% of Australians believe their pension is not enough to support the funds they need in retirement.
The average life expectancy of Australians is 82 years, which means that Australians need to live on superannuation for 15-20 years.
Since the pension is a long-term accumulation process, taking out a small amount of money to save while you are young will undoubtedly benefit more over time than saving it when you retire.
Since 2022, prices in Australia have skyrocketed.
More than 90 per cent of Australians surveyed by the National Association of Older Persons of Australia among 5,700 Australians aged 50 and over were concerned that they would not be able to keep up with the rising cost of living.
For millions of elderly Australians, superannuation is their only source of income.
But it's very difficult to live on this right now.
A lot of old people have to continue working...
Now in Australia, if you want to live a better life in your old age, you have to rely on yourself!