Opinion: The No.1 money question you should ask yourself today | Jessica Irvine
As a person who writes about personal finance, I get asked a lot of questions about money.
Economists call it “consumption smoothing”. The basic principle is that, throughout life, you will encounter periods of time when you are unable to earn the income you need to finance your spending. But in reality, the age pension is there for any person aged over 67 who happens to find themselves without a cent to their name.
Asset tests also apply, such that if you hold more than about $250,000 in assets outside your family home as a single person, you start to have your pension payments reduced. However, if you do have that amount in super when you retire, you can expect to draw an annual income from those assets of about $12,525, according to Money Magazine calculations.
I could, however, also cut back on some large expenses in retirement, including my gym fees and holidays , which would get me down to $32,230. If I hadn’t elected to live in an apartment block with annual strata fees of $6818 , I would be down to $25,412 in expenses.
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