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bushambo bushambo (New Member) New Member

Age pension

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What is the age pension rate in the US? Do you get extra help with rent assistance and medication? How about travel and fuel costs?

I am interested to compare rates between Australia and the US, and other parts of the world. Michael

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I am not yet on "Social Security" yet, but I know what my benefits would be. First, the age has been raised so that I have to wait until I'm 66 1/2 (I think) in order to get benefits. The government sends out a summary each year, and if I were able to retire tomorrow, my monthly benefits would be less than $2000. I don't believe that the government offers any rent assistance. And although health insurance is provided, it doesn't pay for everything. So most people purchase a supplemental insurance plan. I think they are about $200 a month. Generally speaking, a person would have to be very frugal in order to live on social security alone when they retire.

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That's why I'll end up retiring at 70! By that time, it's probably REQUIRED It won't suprise me, if it changes to 75 instead -->> assuming I make it that long.

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According to the paper i get after doing my taxes they said 72 for me. The idea they have is to make sure you never collect it that's why it's going up and up in age. I rather have them give me my money now let me invest it my own way. This is so when i need it i know it will be there. I don't want to hear from the Gov sorry but your not this or that after i payed in to it for so many yrs.

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Well, we are not so badly off here in Australia. I get $743 per fortnight which includes rent assistance which is based on what rent you pay. I also get a remote area allowance of $27 a f'night. All doctor and hospital visits are free. That includes surgery, glasses and hearing and dental care. There is also a $500 a year fuel card provided. A single person can have $30o thousand in assets and the family home is not classed as an asset.

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Ours isn't "means tested" like you describe.... at least not yet. I have been saving for my retirement figuring as if it won't exist by the time I need it. I suspect it will still exist, but I wouldn't be surprised if by then it will be "means tested." If this does happen, I'll be penalized for being responsible, living frugally, and working my butt off. Oh well...

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