Who do you know who lives on the pension only? They probably did not have a salary or wages, which would have meant they would not have any super, such as a full-time stay-at-home Mum. Otherwise, they more than likely also have a little super coming in, but so little that they get a part-pension.
Almost all of us that gets to retirement age will find their income greatly reduced.
The problem is that when your income reduces, the bills don’t. Even with pensioner concessions on things like power bills, most things that must be bought just keep going up in cost.
If your home is paid off, the mortgage payment will disappear. Woo Hoo! After that you’re on your own.
What will you have to give up to survive? Do you know how much super and/or pension you will receive?
You can actually keep the same income you have been used to if you just invest wisely. The problem there is getting the right investments for your own particular needs. How to achieve that? Just ask Ian Payne.
