A RECENT news report talked about the struggle of aged pensioners with the cost of living rises. It would be a good part of the debate to reveal how many aged pensioners live in high-priced city homes and live/struggle on the aged pension?
This asset rich, cash poor way of life needs to be changed and have incentives and encouragement to downsize and self-fund and live much wealthier ways of life. The aged pension needs to be much higher for those who need it and have few options to boost retirement funds. The family home over $1.5 million should be part of the aged pension asset test. The aged pension must be there for those who have few options and at an amount that allows people to get by.
Many of us have chosen to self-fund from a city home to a regional location and live a far wealthier life in retirement and not get the aged pension. We pay for private health cover and get no government benefits and it feels good.