He’s 56 and plans to retire when he’s 67. Greg has watched his super slowly grow over the year, but now that retirement is near he’s worried it might not be enough.
Based on Greg’s super balance alone, his estimated income would be just $28,543 each year. However, if Greg is eligible for the Age Pension his retirement income increases to $40,085 each year. While this is less than ASFA’s comfortable retirement standard Greg is more confident about his future knowing he’ll have the Age Pension to help him.