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ozboy

Basic comparison between Schemes...

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ozboy

Take a look at how Australia's age pension program compares with benefits in other countries.

 

Australia

From July 1 2017, the qualifying age for age pension will increase from 65 years to 65-and-a-half years. The qualifying age will then rise by six months every two years, reaching 67 by July 1 2023.

Federal Treasurer Joe Hockey has flagged further possible changes to help improve the budget bottom line. He has discussed the option of indexing the pension to inflation, which would be lower than the current link to male total average weekly earnings.

Currently the maximum basic rate for a single person on a pension is $766 per fortnight ($383 per week) and for a couple the combined amount is $1,154.80 per fortnight ($577 per week).

 

United Kingdom

The government has proposed raising the state pension age from 66 to 67 gradually between 2026 and 2028.

Eligibility age is likely to be lifted to 70 in future decades.

Full retirement benefit is 113.10 British pounds per week, equivalent to about $200 in Australian dollars.

 

United States

The normal retirement age for someone born later than 1960 is 67 years.

United States citizens can choose to retire any time between 62 and their full retirement age (depending on their year of birth), however early retirement will decrease the benefit available.

Full retirement benefit is $US1000 per month, equivalent to around $266 per week.

 

Canada

There are two programs that provide retirement income in Canada, the Old Age Security program (eligible at age 65), and the Canada Pension Plan (full pension available at 65 or reduced pension at 60).

The age to receive the full retirement pension will increase from 65 to 67 from April 2023.

The early pension reduction is being increased from 0.5 per cent to 0.6 per cent for each month it is received before age 65.

The maximum monthly retirement pension at age 65 is 1,038.33 Canadian dollars, equivalent to about $250 in Australian dollars per week. The maximum Old Age Security pension is 551.54 Canadian dollars per month, about $130 per week.

 

Turkey

Officially the pension age in Turkey is between 58 and 65, however until 2010, individuals could retire as early as 45 due to an alternative eligibility condition of 25 years of service.

For a 65-year-old the monthly pension benefit is 95 Turkish Lira, equivalent to about $12 per week.

http://www.abc.net.a...e-world/5388102

 

 

 

Edited by ozboy
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contraman

Based on those rates I guess we will not be seeing many Turkish Expats retiring here :)

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Salty Dog

 

 

United States The normal retirement age for someone born later than 1960 is 67 years. United States citizens can choose to retire any time between 62 and their full retirement age (depending on their year of birth), however early retirement will decrease the benefit available. Full retirement benefit is $US1000 per month, equivalent to around $266 per week.  

 

Your numbers are off a bit for full retirement benefits.

 

The average is around $1,300 while the max is nearly $2,700.

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contraman

 

 

The average is around $1,300 while the max is nearly $2,700.

So those here saying they get in excess of 2k are "Above Average" ? :)

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Salty Dog

So those here saying they get in excess of 2k are "Above Average" ? :)

 

Way above average.... :D

 

They might also be getting some sort of disability. Not sure how that comes into play.

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contraman

Way above average.... :D

 

They might also be getting some sort of disability. Not sure how that comes into play.

As I see it, The only ones with a true disability are those approving such claims :(

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ozboy

That's why I said basic.....there are other suppliments that can be added on or assets that could reduce the pension....that depends on each country.....

 

I think the basic in Philippines is 3000 pesos but goes up according to how many years, contribution to SSS

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mikewright

On top of the basis pension, there are a lot of other benefits available in Oz if you qualify.  Rent assistance, energy supplement, discounts on prescribed medicines,  concessional travel, etc. That's on top of free Medicare.

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contraman

On top of the basis pension, there are a lot of other benefits available in Oz if you qualify.  Rent assistance, energy supplement, discounts on prescribed medicines,  concessional travel, etc. That's on top of free Medicare.

But these are additional benefits limited to being in OZ and are not portable.

I would guess other Countries would have additional benefits as well

 

I think the OP was referring to "Basic" pensions.

Edited by contraman
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Jawny

Interesting comparison.

 

Some factors that may be harder to include as they will vary so much is how many other "safety net" beneifts are part of the schemes. For example, with socialized medicine, some of the monthly cash benefit is conserved.....that is, there is less outgo for health care.

 

Additionally, some benefits may be less for recipients who live outside their homeland.

 

The comparison is interesting to see. Thanks for assembling the information.

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ozboy

I was just curious after reading all those threads about how much one needs to live well enough here. So if I was retiring, totally dependent on the OA pension without the side benefits....throw in a wife and a couple of billy lids (which I do not have) plus a reduced portability pension rate, I would not exactly live ''the good life''   on less than $1500 AUD.....approx.  Especially with our crappy exchange rate.....

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contraman

I was just curious after reading all those threads about how much one needs to live well enough here. So if I was retiring, totally dependent on the OA pension without the side benefits....throw in a wife and a couple of billy lids (which I do not have) plus a reduced portability pension rate, I would not exactly live ''the good life''   on less than $1500 AUD.....approx.  Especially with our crappy exchange rate.....

As they say, That is the $64,000 question.

I don't believe there is a one answer fits all.

It all depends on ones choice of lifestyle, what suits you may or may not suit me.

But if you can not live a reasonable life on AUD1500 a month in the Philippines, you will not live on it anywhere,

Just my  :twocents:

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angbumabasa

A friend died here just before we returned. Had US VA disability of USD $1,000.00/month and was as happy as a clam. Was here about fifteen years. 

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contraman

 

 

was as happy as a clam.

How happy are Clams ?  :)

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ozboy

True.. back home there is a safety net but its a pretty Spartan life I agree.....If I did not need to spend so much on keeping my health stabilised, im sure I could manage.....I realise everyone is different in what constitutes a livable lifestyle.......

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