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How many Australians are on the pension?
Despite the growth in super over the last three decades, most Australian retirees are still turning to the Age Pension and other income support payment schemes offered by the government.
How many Australians are on the pension?
Despite the growth in super over the last three decades, most Australian retirees are still turning to the Age Pension and other income support payment schemes offered by the government.
Most Australians rely on their superannuation for their retirement income. But there are growing concerns among Australian seniors that their super balance won’t be enough to cover their expenses in retirement.
These concerns are not unfounded. Despite the growth in super over the last three decades, most Australian retirees are turning to Age Pension and other income support payment schemes offered by the government.
Data shows that qualified recipients of Age Pension rose from 1.62 million in 2001 to 2.48 million in 2018, indicating a 53.08 percent increase. The Age Pension is a government payment scheme that gives a steady income to eligible Australian seniors to help them cover living expenses when they reach the retirement age.
If eligible, the amount you may receive from Age Pension depends on the other income you get (from super, investments and paid work) and on the assets you own. Your marital status will also impact the amount you receive. If you want to learn more on how to qualify for Age Pension, read here.
The number of people who rely on the Disability Support Pension (DSP) and Carer Payment income support from the government has also gone up. The DSP is financial support offered by the government to people who have a permanent medical condition that stops them from working. Meanwhile, people who provide daily care for someone with severe disability, a medical condition or who is frail aged are eligible for the Carer Payment income support.
Recipients of DSP and Carer Payment rose from 4,225 in 2001 to 118,981 in 2018. This indicates a 2,716.12 per cent increase in the number of seniors seeking out this financial support from the government.
Data also shows that women are more likely to get Age Pension payments compared with men. However, the increase in the number of recipients was more notable in the male population.
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