Retirees: Here's how to boost your pension in 2024

MotleyFool02-20

Living life is a lot more expensive these days, whether you're a retiree or a 25-year-old. Australia's age pension is generous compared to most countries, but it may not be enough. The maximum normal ...

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Australia's age pension is generous compared to most countries, but it may not be enough.\nThe maximum normal ...</p>\n\n<a href=\"https://www.fool.com.au/2024/02/20/retirees-heres-how-to-boost-your-pension-in-2024/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Retirees: Here's how to boost your pension in 2024</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRetirees: Here's how to boost your pension in 2024\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-02-20 02:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2024/02/20/retirees-heres-how-to-boost-your-pension-in-2024/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Living life is a lot more expensive these days, whether you're a retiree or a 25-year-old. Australia's age pension is generous compared to most countries, but it may not be enough.\nThe maximum normal ...</p>\n\n<a href=\"https://www.fool.com.au/2024/02/20/retirees-heres-how-to-boost-your-pension-in-2024/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK7083","symbol_name":"煤与消费用燃料","start_time":0,"source_url":"https://www.fool.com.au/2024/02/20/retirees-heres-how-to-boost-your-pension-in-2024/","article_id":"2412153306","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2412153306","pubTimestamp":1708365600,"sourceInfo":{"source_id":"motleyfoolau_stock","name":"MotleyFool"},"weMediaInfo":null,"summary":"Living life is a lot more expensive these days, whether you're a retiree or a 25-year-old. Australia's age pension is generous compared to most countries, but it may not be enough.The maximum normal pension basic rate per fortnight in Australia is $1,002.50, which is $26,065 annualised. The basic pension payment combined for a couple is $1,511.40 per fortnight, or $39.296.40 annualised. There is also a relatively small pension supplement and energy supplement which can add a bit more per fortnight.The AFSA Retirement Standard suggests for a modest lifestyle that a single retiree would need $32,417.48 annually, and a couple would need $46,620.05 annually. Those numbers are based on the retiree owning their house outright, which is certainly not a guaranteed thing.I think there are a few ways that retirees can boost their income, though it's worth checking to ensure that retirees don't pass any asset limits.Investing in ASX dividend shares is one of my favourite ways to boost my passive ","collect":0,"end_time":0,"defaultTopTitle":"fool.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK7083":"煤与消费用燃料","WES.AU":"WESFARMERS LTD","BK7156":"医疗保健房地产信托","BK4550":"红杉资本持仓","BK7165":"特殊用途房地产信托","IIND.AU":"BETASHARES INDIA QUALITY ETF","SHL.AU":"SONIC HEALTHCARE LTD","SOL.AU":"WASHINGTON H. 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Australia's age pension is generous compared to most countries, but it may not be enough.\nThe maximum normal pension basic rate per fortnight in Australia is $1,002.50, which is $26,065 annualised. The basic pension payment combined for a couple is $1,511.40 per fortnight, or $39.296.40 annualised. There is also a relatively small pension supplement and energy supplement which can add a bit more per fortnight.\nIs that enough? How much do you need?\nThe AFSA Retirement Standard suggests for a modest lifestyle that a single retiree would need $32,417.48 annually, and a couple would need $46,620.05 annually. Those numbers are based on the retiree owning their house outright, which is certainly not a guaranteed thing.\nI think there are a few ways that retirees can boost their income, though it's worth checking to ensure that retirees don't pass any asset limits.\nTerm deposits\nIf an investor is sitting with cash in the bank, I'd encourage them to ensure they're getting a good return. There are savings accounts and term deposits that offer a rate that starts with a 5%, and lots that offer a high 4%.\nInvestors can get a solid, safe return these days from cash, so retirees should make sure they utilise that if they want the safety of cash.\nASX dividend shares\nInvesting in ASX dividend shares is one of my favourite ways to boost my passive income.\nThere are lots of companies within the S&P/ASX 200 Index (ASX: XJO) that pay appealing, fully franked dividends. Not only are the dividend yields attractive, but companies have the ability to grow their payouts over time if profit grows too.\nSome ASX companies have long track records of dividend growth, such as Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), Sonic Healthcare Ltd (ASX: SHL) and Brickworks Limited (ASX: BKW). Others (usually) offer a solid dividend yield and strong market power, such as Telstra Group Ltd (ASX: TLS) and Wesfarmers Ltd (ASX: WES).\nREITs\nWe can also find real estate investment trusts (REITs) on the ASX, which allow us to invest in businesses that own large property portfolios across the country.\nCommercial property can offer an attractive mix of yield, consistency and long-term rental income growth.\nSome of my favourite REITs include farmland landlord Rural Funds Group (ASX: RFF), logistics and industrial property owner Centuria Industrial REIT (ASX: CIP), and healthcare property owner Healthco Healthcare and Wellness REIT (ASX: HCW).\nETFs \nOwning an exchange-traded fund (ETF) could be useful for dividends because it means owning a basket of shares in a single investment. ETFs typically offer good diversification because they invest in a range of businesses and industries.\nSome ETFs I'd be happy to own for income if I were a retiree include Vanguard Australian Shares Index ETF (ASX: VAS), the UK-focused ETF of Betashares FTSE 100 ETF (ASX: F100) and the India-focused Betashares India Quality ETF (ASX: IIND). \nOwning a variety of assets as a retiree could make a lot of sense, boost income and help pay for retirement.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2412153306"}