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What the Average Australian Actually Retires With — and What the Age Pension Adds

Aussie Wealth with Emma

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The typical Australian heading into retirement has about $200,000 in super - not the number the headlines keep quoting. Then there's the Age Pension. I work out exactly how much of it the typical retiree gets, to the dollar, and what the two add up to.

TIMESTAMPS

0:00 The typical balance - and the pension on top
0:35 The medians only count people with super
0:58 Median super at 60-64, men and women
1:25 Median vs average
1:45 ASFA's comfortable standard - and the fine print
2:38 Meet Carol
2:56 The assets test
3:14 The income test and deeming
3:57 Carol's Age Pension - $1,232.16 a fortnight
4:08 Adding her super
4:42 Carol on one card (screenshot this)
5:32 If you rent
6:08 The twist - double the super
7:07 Why the pension takes it back
7:47 Couples
8:58 Recap

WHAT'S IN THIS ONE (Age Pension rates from 20 September 2026)

Median super at 60-64: $203,326 (men $236,126, women $174,655) - ATO data as at June 2024, analysed by ASFA. The medians leave out people with no super at all: nearly 1 in 5 women and about 1 in 10 men that age

Median vs average - why you'll see much bigger numbers quoted
ASFA's comfortable ($56,166 a year) and modest ($36,548) budgets, and the fine print: the $630,000 lump sum already assumes a part Age Pension

Carol - 67, single, homeowner, $200,000 in super: the assets test, the income test and deeming, step by step. Age Pension $1,232.16 a fortnight ($32,036 a year) + $10,000 minimum drawdown = $42,036 a year

Renters: the $600,000 assets limit, Rent Assistance, and ASFA's $340,000 renter lump sum

The twist: double Carol's super to $400,000 and, at the minimum drawdown, her income rises by only about $2,600 a year - and why

A couple on the men's and women's medians ($410,781): about $67,600 a year

IMPORTANT - CAROL'S FIGURES ASSUME she's 67, single, owns her home, has no other income, and holds $30,000 of car and contents. The couple example is a husband on the men's median and a wife on the women's median - not "the median couple". Your own figures depend on all your assets and income. If you rent, the numbers change a lot - see the renters section.

GENERAL ADVICE DISCLAIMER
This video is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal financial advice. Age Pension rates and thresholds change in March, July and September - check your own position with Services Australia, and speak with a licensed financial adviser before acting.

A note on how this is made:
Every script starts with real research and is checked against current ATO and Services Australia figures - that part isn't automated. AI tools produce the narration and visuals. I write, verify, and stand behind every word.

Thanks for being here.

#AussieWealth #Superannuation #RetirementAustralia #AgePension
#AverageSuper #ASFA #Centrelink #RetirementPlanning

20 Comments

@deejay-m5h 5 days ago

Very informative, concise, no fluff or repetition, high on relevance and quite entertaining, I enjoyed it.

@andymacmac9151 1 day ago

Unfortunately in Australia you get penalised for saving for your retirement.... yet those who contributed nothing during their working life get a full pension...

@GreatBullsofFIRE 6 days ago

I liked that. It's an oversimplification with a lot of assumptions, yet it explains a lot about what the average retiree goes through. I can't imagine that future governments won't tinker with the numbers or the rules, so I think this is only relevant to those who are aggressively approaching retirement age. I liked it. Great stuff.

@ronschuurman800 2 days ago

I have just over 300k and my wife around 70k mainly because she didn't work much and when she did it was part time or casual. I'm 64 and she is 58. I'm building a new home in a regional city which will be ready mid next year and i plan on retiring after July no exact date yet. I will use some super to pay the balance of the house and the pension should kick in 18 months later. Good information and thank you.

@bigdog5128 1 day ago

Above 200k

@khakicaptures5759 5 days ago

Enjoying your videos, looking at this video where should someone be aiming to have their combined balances for a comfortable retirement at 60 knowing the Pension is 7 years away. No debt, own their home.

@Fitzaism 2 days ago

In the long run we are all dead, as some famous economist said. Don't worry. Be happy. You can't take it with you.😊

@pcoppleman 1 day ago

Above, but its been ploughing money into super & using good financial advisors over the last 3 years a few more to go. Waiting for it go compound.

@tillsy23 6 days ago

Above
How could one assume what the comfortable dollar figure would be in 14-21 years?

@nanniecath528 4 days ago (edited)

A good idea to point out is that most single people (especially from age 60) are given a pension concession card to replace the healthcare card and can fund the gap years to 67, if they are eligible to be paid the jobseeker allowance $899.80 (work for the dole - need to meet obligations like volunteer work/paid work, study or a combo) until they reach 67, when the aged pension kicks in.

@krisdockers2047 6 days ago

That was through the deeming, she loses 10%. On a serious note, the vid was good, actually factual.

@ChilliPepper-n2b 3 days ago

Having 400000 instead of 200000 is a reason to spend more. The minimum drawdowns will leave you with more money and less pension entitlements when you pass away . So instead of drawing down $20000/ year you could draw down an extra $15 odd thousand. So you will have $59k verses $44k. Meanwhile ever $1000 you spend extra your pension goes up.

@sailingwiththeerros9139 5 days ago

Below

@badass.bob1 6 days ago

Above

@waynepederick8073 3 days ago

Our system penalises people who save in their early years. Other countries receive a pension regardless of super balance. So much for paying tax your entire life. Try to make your life a little better and you won't be entitled to a pension and be dragged down to the income of the unemployed

@survivalabc 19 hours ago

What gets me is that my wife and I have never been given anything. We have worked 2 menial jobs each for 45 years, not spending anything on ourselves and making the kids go without. We have no extended family and we have always felt our future depends totally on ourselves. We have not eaten out or been on holiday for over 40 years. Our home has not been updated from when it was built in 1952. Our assets are a little over the cutoff for receiving any pension. We have in effect given up any enjoyment in life out of fear of being on the street only to find that anyone who hasn't worked or hasn't saved is just as well off as we are. We have not saved enough to put us way above people receiving the pension but we have reached a point where we are fully self funded but we potentially less to live on than people who have lived a carefree who cares life. We truly are idiots.

@BrettRae-d6p 5 days ago

I’m 12 years older than my wife. Would you be able to do something on that?

@User.Access.Denied 6 days ago (edited)

Carol only has 4 fingers on her left hand and 5 fingers on her right hand.

@JonestheExpat 6 days ago

Above. The information in this video should reassure me about our retiring in seven years but I remain a little concerned.

U.S. federal debt, the rise of populism, and potential conflicts preoccupy me. My super took a big hit from the global financial crisis the yanks gave us and I think it'll happen again.