Retirees exhaust their retirement savings at a much faster rate than is generally believed, with 80 per cent of those over the age of 60 who died between 2014 and 2018 having no super left for up to four years before their death.
‘Deeming’ is used by Centrelink and the Department of Veteran Affairs (DVA) to assume how much income you earn on financial investments and to then count this amount in their ‘income’ test.
That Australians do not spend their super in retirement, and supposedly have more super and other financial assets when they die than when they retired, has become a trope in narratives about the strengths and weaknesses of the Australian superannuation system.
Aggressive stimulus and labor market tightening mean higher inflation risk
For many years there has been considerable media debate about the fairness (or otherwise) of the superannuation tax concessions and the apparent advantage they provide to high income earners.