ABC journalist Peter Ryan dies aged 64 a month after retirement
journalist
media
Australia
national CONTACT US
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
9 News
2 hours ago
- 9 News
Revealed: Millions of Aussies unable to afford retirement
Your web browser is no longer supported. To improve your experience update it here More than 4 million Australians worry they won't be able to afford retirement, new research shows. Up to 20 per cent of Australians fear they will not gain enough from their super or other investments to ever stop working, while one in five said they will have to cut back on their spending, a study from Finder revealed. The Association of Superannuation Funds of Australia recommends singles have $595,000 tucked away and couples have $690,000 to live comfortably in retirement. Millions of Australians now fear they won't be able to afford retirement. (Getty Images/iStockphoto) According to data from the ATO, the average Australian has about $172,000 in super, but the median sits at $66,000 for men and $52,000 for women. As a result, the retirement dream could be out of reach for many Aussies. "Insufficient super or savings could see millions of Aussies facing financial strain in their later years," Pascale Heylar-Moray from Finder said. "More and more people are worried that retirement will arrive before the money does, leaving them underprepared." This means more will have to fall back on measures such as the Age Pension, but Heylar-Morey warns this may not be an option for some: "The Age Pension isn't guaranteed, your assets could disqualify you from receiving it". A further 27 per cent of Aussies are still unsure if they will have enough super to get by in retirement, and 10 per cent believe they will need to utilise other investments to meet the shortfall. Australians are trying to find new measures to be able to retire comfortably (Getty Images/iStockphoto) Aussies are now looking to find new measures to avoid financial pain. Salary sacrificing, where people can send a percentage of their wage directly into their super, can also help build a larger safety net. "Super earnings below $30K are taxed at a maximum of just 15%, which means salary sacrificing into super could help grow your wealth while also lowering your tax," Heylar-Morey said. She also suggested Aussies consistently monitor the performance of their fund. "Make sure that you aren't stuck in a poorly performing fund," she said. "And check regularly that your employer is paying your 12% superannuation Guarantee contributions on time." The information provided on this website is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information on this website you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. national money finance Cost of Living Australia CONTACT US
Sky News AU
2 hours ago
- Sky News AU
'Not up for negotiation': Aussies expected to save $200m a year from major cap on PBS-listed scripts despite tariff threats to industry
Millions of Australians are expected to save $200m in vital medication fees as a landmark bill caps the price of Pharmaceutical Benefits Scheme (PBS) prescriptions at just $25, down from $31.60. The bill is set to take effect from January 1, as the Labor government takes the first steps to legislate the bill and Prime Minister Anthony Albanese vows to keep his election pledge on cost of living relief. The changes mean the cost of medicines on the PBS could be significantly reduced by over 20 per cent. Minister for Health, Mark Butler said five million Australians will feel the relief in their pockets. The cost of medicine for pension and concession card holders will remain frozen at $7.70 until the end of 2029. The bill which was announced by Labor during the May election campaign is expected to cost the budget $690m over four years. Mr Albanese said it built on a pledge for cost of living relief. 'This is another example of cost of living relief that helps every Australian,' he said. 'The size of your bank balance shouldn't determine the quality of your healthcare. My government will continue to deliver cost of living relief for all Australians.' Mr Butler added general patients' medicines haven't been this cheap since 2004. 'The Albanese Government has been focused on delivering cheaper medicines for Australians," he said. 'Cheaper medicines are good for the hip pocket and good for your health." The Assistant Health Minister, Emma McBride said the bill was set to pass despite US President Donald Trump's 200 per cent tariff threat on pharmaceutical imports. The US is Australia's biggest pharmaceutical export market and if the tariff is implemented it could cost the Australian economy up to $2.8 billion and force pharmas' to hike up their prices. However, Ms McBride said the PBS is not up for negotiation and "it is not a bargaining chip". "Labor introduced the Pharmaceutical Benefits Scheme to make sure that essential medicines were available to all Australians, and with this introduction of legislation to enact our election commitment, it will mean a cap on $25, which will save Australians about $200 million a year, 5.1 million Australians estimated to benefit," she said.
Sky News AU
3 hours ago
- Sky News AU
PBS prescriptions to be reduced to $25
The new parliament is returning for its second week today, and Labor is trying to keep attention on the cost of living help. The government will table a bill this week to reduce the price of scripts on the Pharmaceutical Benefits Scheme (PBS) from $31.60 to $25. The change in script prices is forecast to save Australians $200 million a year.
