The example of Jodie and Ross (page 36), who combine the age pension with their income from savings, falls $8037 short of the Association of Super Funds of Australia (ASFA) retirement standard for a comfortable life, which includes health insurance, streaming services and holidays.
Couples aged 65 to 85 need $69,691pa, according to ASFA. This is up front $64,771 a year ago because of sharp increases in most categories, particularly food, fuel, transport and travel caused by inflation. A single person needs $49,462 for a comfortable life.
Jodie and Ross are below the comfortable life standard by $309 a fortnight ($69,691 less $61,654). One way to reach the higher amount is to increase the drawdown from their account-based pension from 5% to 7%. If the investment environment is healthy, it might be possible to do this without running down the balance over time.
Another way is to take on some parttime work. Under the income test, single people can earn $190 a fortnight or $4940pa before losing entitlement to the full age pension.
Couples can earn $336 a fortnight or $8736pa and still receive the full age pension. There
