An initiative by Thalia Stanley Group to raise awareness for financial literacy and funds for Melbourne City Mission's homeless services.
Too few Australians are financially prepared for retirement.
Many of us assume that the government age pension will carry us through our golden years. However, a third of Australian pensioners currently live below the poverty line.
The Association of Superannuation Funds in Australia standard for a comfortable lifestyle is a widely used benchmark, and specifies a minimum income of $57,665 for couples and $42,158 for single people.
A single person eligible for the FULL Age Pension can expect an annual Age Pension income (including Pension Supplement and Energy Supplement) of around $23,254.
Spend 7 days living on the Age Pension.
Not including rent or utilities, an Australian pensioner would live on $255.12 a week, or $36.44 a day.*
Set yourself this budget for the week, including all groceries, transport, health and entertainment expenses.
Support those at risk of homelessness and those experiencing homelessness.
Participation is free, and by doing so we're also raising funds for the Melbourne City Mission's homeless services.
Age Pension and our Budget
The maximum base rate for a single person on the Age Pension is $814 per fortnight. With the Pension Supplement and Energy Supplement, the total maximum fortnightly income is $894.40.
* The budget for this challenge is based on this maximum fortnightly payment for a single person who doesn't own their own home. We assumed a weekly rental cost of $250 and 15% of the fortnightly payment towards utilities.
Are you up for the challenge?
Register early and give yourself time to prepare for living on a pensioner's income.